Oct. 29, 2026 2026-XM1410 The Port Authority of New York and New Jersey consolidated bonds, two hundred thirty-first series Morgan Stanley Bank N.A. Mesirow Financial Inc. Morgan Stanley&Co. LLC Daily S&P Global Ratings assigned its'AA-/A-1'and'AA-'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 liquidity facility in the form of an option swap, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters
