Oct. 8, 2025 2025-XF3472 Virginia Housing Development Authority, Commonwealth Mortgage Bonds, 2024 series F-non-AMT, subseries F-3 Morgan Stanley Bank N.A. FMSbonds, Inc. Morgan Stanley&Co. LLC Weekly S&P Global Ratings assigned its ?AAA/A-1? and ?AAA? ratings to the floater and residual certificates (collectively the certificates), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the certificates. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and option swap, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on the underlying securities and addresses full and
