May 13, 2025 2025-XF1920 City of Los Angeles Wastewater System subordinate revenue bonds, series 2025-A Bank of America N.A. FMSbonds Inc. BofA Securities Inc. Daily S&P Global Ratings assigned the abovementioned 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 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 addresses full and timely interest-and-principal payments when receiptholders
