March 23, 2022 2022-XF2979 District of Columbia's (District of Columbia Water&Sewer Authority) series 2022C-1 public utility subordinate-lien revenue and revenue refunding bonds 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 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 the
