NEW YORK (S&P Global Ratings) March 28, 2023--S&P Global Ratings lowered its long-term ratings on 19 tender-option-bond trust receipts, issued by FMSbonds Inc.; Mesirow Financial Inc.; and Barclays Capital Inc., related to various underlying bonds, to 'A/A-1' and 'A' from 'A+/A-1' and 'A+', respectively (see the table). This rating action follows S&P Global Ratings lowering its ratings on the underlying bonds. (For further information, see "Providence St. Joseph Health, WA Bond Rating Lowered To 'A' On Losses," published March 21, 2023, on RatingsDirect.) The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the underlying bonds and S&P Global Ratings' expectation of the likelihood of bondholders receiving interest-and-principal payments when due
