Research Update: Mesirow Financial Inc. (Series 2025-XM1320) Assigned Ratings

Oct. 27, 2025 2025-XM1320 State of Illinois , general obligation bonds, series of September 2025F Royal Bank of Canada acting through New York branch Mesirow Financial Inc. RBC Capital Markets LLC Royal Bank of Canada, acting through its New York Branch Weekly S&P Global Ratings assigned its ?AA?, ?AA/A-1+?, and ?AA? ratings to the custody, floater, and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust, as custody receiptholder, 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 custody receipts and liquidity facility, which is in place to support tender payments on floaters. The long-term

...S&P Global Ratings assigned its `##', `##/A-1+', and `##' ratings to the custody, floater, and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust, as custody receiptholder, 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 custody receipts and liquidity facility, which is in place to support tender payments on floaters. The long-term rating on the custody receipts jointly reflects, assuming low correlation, the ratings on the underlying securities and credit enhancement provider. The long-term component of our rating on the floaters reflects the ratings on the custody receipts 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...

Research Update