Ratings On 11 Various Receipts For Multiple Issuers Raised To 'AA-/A-1', 'AA-'

ENGLEWOOD (S&P Global Ratings) Jan. 10, 2025--S&P Global Ratings raised its long-term ratings on 11 Stifel, Nicolaus&Co. Inc., FMSbonds Inc., Barclays Capital Inc., Loop Capital Markets LLC, and Mesirow Financial Inc. tender-option bond trust floater and residual receipts, related to various underlying bonds, to 'AA-/A-1' and 'AA-' from 'A+/A-1' and 'A+', respectively (see the table). This rating action follows S&P Global Ratings' raising its rating on the underlying bonds. (For further information, see "San Francisco International Airport Revenue Bond Rating Raised To 'AA-' On Traffic Recovery, Financial Performance," published Jan. 7, 2025, 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

...This rating action follows S&P Global Ratings' raising its rating on the underlying bonds. (For further information, see "San Francisco International Airport Revenue Bond Rating Raised To '##-' On Traffic Recovery, Financial Performance," published Jan. 7, 2025, 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 if they do not exercise their put option. The short-term component of the ratings reflects the lower of S&P Global Ratings' rating on each issue's respective liquidity provider or the correlated short-term rating of the long-term rating on the underlying security. The short-term rating reflects S&P Global Ratings' opinion of the likelihood of bondholders receiving interest-and-principal payments if they exercise their put option. Changes to the ratings on these bonds...

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