July 19, 2018 2018-ZF2638 New York City Housing Development Corp. multi-family housing revenue bonds (Sustainable Neighborhood Bonds) series 2018 C-1-A 2018-ZF2639 Michigan State Housing Development Authority rental housing revenue bonds series 2018A Morgan Stanley Bank N.A. FMSbonds Inc. Morgan Stanley&Co. LLC S&P Global Ratings assigned the above-mentioned ratings to the floater and residual receipts (collectively, "the receipts"), reflecting S&P Global Ratings' 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
