Summary: New York State Environmental Facilities Corp. New York City Municipal Water Finance Authority; State Revolving Funds/Pools May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'AA+' long-term rating, and stable outlook, to the New York State Environmental Facilities Corp.'s (EFC) series 2011B state clean water and drinking water revolving fund revenue bonds (second-resolution bonds), issued for the New York City Municipal Water Finance Authority (NYCMWFA). At the same time, Standard & Poor's affirmed its 'AA+' long-term rating on debt previously issued by the EFC for NYCMWFA. The series 2011B are subordinate obligations of EFC, issued for the authority. NYCMWFA provides second-resolution bonds (AA+/Stable), which are subordinate to the authority's general resolution bonds, to EFC as security on the 2011B bonds. The 'AA+' rating reflects our assessment of: The strength of NYCMWFA's subordinate-lien water and sewer system revenue...

Companies mentioned in this report are: New York City Mun Wtr Fin Auth,New York St Envir Facs Corp
Action: Affirmed
Action: New Rating

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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,New York St Envir Facs Corp

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