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RATINGS LINKED TO NYCMWFA: The ratings of both the senior and subordinate NYCMWFA SRF bonds are closely linked to the strong underlying credit quality of NYCMWFA (senior and second lien bonds both rated AA+/Stable).
SIGNIFICANT RESERVES: The senior NYCMWFA SRF bonds have aggregate pledged reserves totaling approximately 90.5% of outstanding bond par.
POOL-PROGRAM RELEASES: The senior and subordinated NYCMWFA SRF bonds are also secured by annual surplus cash flows released from the 2010 MFI program.
LOWERING OF NYCMWFA'S RATING: The ratings on the New York State Environmental Facilities Corporation's New York City Municipal Water Finance Authority bonds are sensitive to shifts in the authority's underlying credit quality.
REDUCTION OF ENHANCEMENT: The EFC NYCMWFA bonds' ratings are additionally sensitive to decreases in surplus cash flow releases tied to the EFC's 2010 master financing indenture pool program.
The EFC's NYCMWFA SRF bond program was created to mitigate single-obligor concentration risk arising from the NYCMWFA's out-sized balance within the EFC's SRF pool program.
The senior NYCMWFA SRF bonds are secured by senior NYCMWFA payments, reserves totaling approximately $524 million (or 90.5% of outstanding senior NYCMWFA SRF bonds) and reserve earnings.
Further securing the senior NYCMWFA SRF bonds are surplus cash flows released from the 2010 MFI program.
Subordinate NYCMWFA obligor repayments and combined series' subordinate reserve cash flows totaling approximately $231 million (or 6% of outstanding subordinate bonds) secure the subordinate NYCMWFA SRF bonds.
In total, NYCWMFA repayments (including the GRF) plus scheduled reserve releases from both the senior and subordinate NYCMWFA SRF programs provide a minimum of 1.4x coverage annually to the subordinate NYCMWFA SRF bonds.
Subordinate NYCMWFA obligor repayments and combined series' subordinate reserves totaling approximately $246 million (or 6.5% of outstanding subordinate bonds) secure the subordinate NYCMWFA SRF bonds.
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