April 11, 2022 2022-XF2981 The New York State Urban Development Corporation State Sales Tax Revenue Bonds (New York State) Series 2021A 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 underlying securities and
