ENGLEWOOD (S&P Global Ratings) Nov. 5, 2026--S&P Global Ratings today assigned its'AA (sf) /A-1 (sf)'rating to Franklin Municipal Opportunities Trust ’s (ticker: PMO) series 1 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 Municipal Opportunities Trust's 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). While current model results could be consistent with an even higher rating level, we
