Stifel, Nicolaus&Co.'s Series 2022-XG0372 TOB Ratings Lowered To 'AA/A-1', 'AA'

NEW YORK (S&P Global Ratings) Dec. 19, 2024--S&P Global Ratings lowered the long-term rating components on Stifel, Nicolaus&Co.'s series 2022-XG0372 tender-option-bond trust floater and residual receipts, related San Francisco City&County's (the 49 South Van Ness project) series 2019A certificates of participation (green bonds), to 'AA/A-1' and 'AA', respectively, from 'AA+/A-1' and 'AA+'. The rating action follows S&P Global Ratings' action on the underlying bonds. (For further information, see "San Francisco General Obligation Debt Rating Lowered To ?AA+? From ?AAA? On Continued Deficits; Outlook Is Negative" published Dec. 18, 2024, on RatingsDirect.) 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

...December 19, 2024 NEW YORK (S&P Global Ratings) Dec. 19, 2024--S&P Global Ratings lowered the long-term rating components on Stifel, Nicolaus & Co.'s series 2022-XG0372 tender-option-bond trust floater and residual receipts, related San Francisco City & County's (the 49 South Van Ness project) series 2019A certificates of participation (green bonds), to '##/A-1' and '##', respectively, from '##+/A-1' and '##+'. The rating action follows S&P Global Ratings' action on the underlying bonds. (For further information, see "San Francisco General Obligation Debt Rating Lowered To `##+' From `###' On Continued Deficits; Outlook Is Negative" published Dec. 18, 2024, on RatingsDirect.) 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...

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