March 10, 2026 DB-8164 New York City Municipal Water Finance Authority's series 2025BB water-and-sewer-system second general-resolution revenue bonds Deutsche Bank AG, acting through its New York branch DB Municipal Holdings LLC Deutsche Bank Securities Inc. Daily S&P Global Ratings assigned the above-mentioned ratings to the floater and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust 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 underlying securities and the liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on
