Summary: New York City Mun Wtr Fin Auth; Utility, Water/Sewer Apr 05

Standard & Poors, April 2005

Abstract
The 'AA+' rating on New York City Municipal Water Finance Authority's (NYCMWFA) 2005 series D water and sewer system revenue bonds reflects: The credit strengths provided by the issue's legal and structural features; A gross pledge of revenues that, combined with the New York City Water Board's ability to raise rates (a true-up mechanism) and the segregation of funds, results in true separation from the utility's operating function; The fundamental strengths of the system, characterized by affordable rates and sound management; and Greater predictability surrounding costs and requirements of large capital projects leading to regular and moderate rate increases. The use of executory contracts is offset by the high essentiality of service and the expectation of the continuation of service...

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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