Research Update: Mesirow Financial Inc. (Series 2026-XM1365) Assigned Ratings

May 21, 2026 2026-XM1365 City of Chicago water revenue bonds, project series 2026A Build America Mutual Assurance Co. Wells Fargo Bank N.A. Mesirow Financial Inc. Wells Fargo Bank N.A. Wells Fargo Bank N.A. Weekly S&P Global Ratings assigned its 'AA+', 'AA+/A-1', and 'AA+' ratings to the custody, floater, and residual certificates (collectively the certificates), reflecting its opinion of the likelihood the trust, as custody certificateholder, 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 custody certificates and liquidity facility, which is in place to support tender payments on floaters. The long-term rating on the custody certificates reflects the higher

...S&P Global Ratings assigned its '##+', '##+/A-1', and '##+' ratings to the custody, floater, and residual certificates (collectively the certificates), reflecting its opinion of the likelihood the trust, as custody certificateholder, 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 custody certificates and liquidity facility, which is in place to support tender payments on floaters. The long-term rating on the custody certificates reflects the higher of the rating on the underlying securities with insurance and the jointly correlated rating, assuming a low correlation, of 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 certificates and addresses full and timely interest-and-principal payments when certificateholders have not exercised...

Research Update