Fitch to Confirm NYC Muni Water Fin. Auth., Adj. Rate F2003 Subseries F1 S-T Rating at 'F1+'

NEW YORK--(Business Wire)--
Fitch Ratings will confirm the short-term component of the rating currently
assigned to the $100,000,000 New York City Municipal Water Finance Authority
(the Authority), water and sewer system revenue bonds, adjustable-rate fiscal
2003 sub-series F-1, consisting of: $50,000,000 sub-sub-series F-1-A, and
$50,000,000 sub-sub-series F-1-B at 'F1+' on June 25, 2009.

The bonds are currently rated 'AA/F1+' based on (1) the water and sewer system
revenue bond rating assigned to the Authority with respect to the 'AA' long-term
rating, and (2) the standby bond purchase agreement (SBPA) provided by Dexia
Credit Local (Dexia), with respect to the 'F1+' short-term rating. On June 25,
2009, the bonds will be reoffered as two separate sub-series of bonds, each with
a separate SBPA, which together will replace the Dexia SBPA. The sub-sub-series
F-1-A bonds will be supported by the SBPA provided by Wachovia Bank, N.A.; and
the sub-sub-series F-1-B bonds will be supported by the SBPA provided by U.S.
Bank National Association.

The 'AA' component of the ratings continues to be based on the Authority's
long-term water and sewer system revenue bond rating; effective June 25, 2009,
the effective date of the SBPAs, the short-term component of the ratings will be
confirmed at 'F1+'. The short-term component of the ratings will expire on the
earlier of: June 25, 2011, unless such date is extended, or any prior
termination of the SBPAs. The remarketing agent for the sub-sub-series F-1-A
bonds is Wachovia Bank, National Association; the remarketing agent for the
sub-sub-series F-1-B bonds is Merrill Lynch & Co.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Mary Jane Ziga, +1-212-908-0529
Cindy Stoller, +1-212-908-0526 (Media Relations)
cindy.stoller@fitchratings.com

Copyright Business Wire 2009