March 14, 2025 2025-XF1840 M-S-R Energy Authority, Calif.'s series 2009A and 2009B gas revenue bonds Royal Bank of Canada, acting through its New York branch FMSbonds Inc. RBC Capital Markets LLC Royal Bank of Canada, acting through its New York branch Weekly S&P Global Ratings assigned the above-mentioned ratings to the custody, floater, and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust, as custody receiptholder, 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 custody receipts and liquidity facility, which is in place to support tender payments on floaters. The long-term rating on the
