...S&P Global Ratings assigned the above-mentioned ratings to the taxable floater notes, reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the notes. 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 notes, as well as all such distributions from the standby letter of credit (LOC), which is in place to support principal-and-interest payments on the notes. The long-term component of our rating on the notes reflects our long-term rating on the guarantor, as support for the standby LOC, and addresses full and timely interest-and-principal payments when noteholders have not exercised the...
