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New York City Municipal Water Finance Authority, New York; Revenue - Utility, Water/Sewer Oct 98
Standard & Poors, October 1998
The rating upgrade on New York City Municipal Water Finance Authority, N.Y.'s bonds reflects the following positive trends, including demonstrated clear signs that the capital improvement (CIP) program, although large, is progressively moving forward and general moderation in future rate increases is needed to maintain an adequate financial profile. A higher rating is precluded by the sizable increase in debt levels needed to support an $8.6 billion, 10-year CIP and the projections for weak financial margins on a net revenue basis. Standard & Poor's also recognizes that the organizational structure and legal provisions are somewhat unique for a utility system and do provide very strong bondholder protection. Still, despite the gross revenue pledge, rate-setting process, and strong bankruptcy protection language,...
Companies mentioned in this report are: New York City Mun Wtr Fin Auth
Action: New Rating
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.
Research Type: Full Analysis
New York City Mun Wtr Fin Auth