ENGLEWOOD (S&P Global Ratings) Nov. 5, 2026--S&P Global Ratings today assigned its'AA (sf)/A-1 (sf)'rating to Franklin Managed Municipal Income Trust's series 2026 variable-rate demand preferred (VRDP) shares, which have a liquidation preference of $100,000 per share. The assigned'AA (sf)'long-term rating on Franklin Managed Municipal Income Trust's (Ticker: PMM) series 1 VRDP shares reflects our quantitative analysis using Market Value Evaluator, which indicated that the assets are currently sufficient, given their current characteristics and corresponding haircuts as determined by our market value criteria, to support an'AA (sf)'rating level (see"Methodology and Assumptions for Market Value Securities ,"July 26, 2024). The short-term rating addresses the expectation of timely repayment of the shares'liquidation
