Research Update: Mesirow Financial Inc. (2025-XM1326) Assigned Ratings

Oct. 27, 2025 2025-XM1326 Rockwall Independent School District unlimited tax school building bonds series 2024 JPMorgan Chase Bank N.A. Mesirow Financial Inc. JPMorgan Securities LLC Daily S&P Global Ratings assigned its ?AAA/A-1+? and ?AAA? ratings to the floater and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and liquidity facility, 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 timely interest-and-principal

...S&P Global Ratings assigned its `###/A-1+' and `###' ratings to the floater and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and liquidity facility, 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 timely interest-and-principal payments when receiptholders have not exercised the put option. The short-term component reflects the lower of our rating on the liquidity provider or the short-term equivalent of our rating on the underlying security. The short-term rating addresses full and timely interest-and-principal payments when receiptholders exercise the put option. The long-term rating on...

Research Update