...December 28, 2023 NEW YORK (S&P Global Ratings) Dec. 28, 2023--S&P Global Ratings lowered the long-term rating component on Stifel, Nicolaus & Co.'s series 2023-BAML5025 tender option certificates/bonds, related to California Health Facilities Financing Authority's series 2012A long-term bonds (Scripps Health), to '##-/A-1' from '##/A-1'. The rating action follows S&P Global Ratings' action on the underlying bonds. (For further information, see "Scripps Health, CA Debt Ratings Lowered One Notch To '##-' On Sizable Increase in Debt Load With Cash Flow Challenges," published Dec. 19, 2023, on Ratings Direct.) The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the underlying bonds and S&P Global Ratings' expectation of the likelihood of bondholders receiving interest-and-principal payments when due if they do not exercise their put option. The short-term component of the rating reflects the lower of S&P Global Ratings' rating on the...
