Summary: New York City Municipal Water Financing Authority; Water/Sewer Feb 11
Standard & Poors, February 2011
Abstract
Standard & Poor's Ratings Services assigned its 'AA+/A-1' rating and stable outlook to New York City Municipal Water Financing Authority's (NYCMWFA) 2011FF-1 and 2011 FF-2 bonds. The long-term component of the rating is based on the fundamental credit strengths of NYCMWFA. The short-term component of the rating is based on two separate standby bond purchase agreements (SBPAs) provided by Bank of America N.A. (A-1) and KBC Bank N.V. (A-1), respectively. The SBPAs are providing for principal of, and a maximum of, 35 days' interest on unremarketed tendered bonds. The initial SBPAs, which are scheduled to expire on March 3, 2014, will provide coverage only for the bonds during the daily and weekly rate modes. The SBPA provider's obligation to purchase...
Companies mentioned in this report are:
- New York City Mun Wtr Fin Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- New York City Mun Wtr Fin Auth
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