May 13, 2025 2025-XF3378 Tarrant County Cultural Education Facilities Finance Corp. hospital revenue bonds (Baylor Scott&White Health project) series 2022D Morgan Stanley Bank N.A. FMS Bonds Inc. Morgan Stanley&Co. LLC Weekly S&P Global Ratings assigned the above-mentioned 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, 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 the underlying
