May 2, 2025 2025-ZF1903 San Antonio, Texas' series 2023A water-system junior-lien revenue and refunding bonds (no reserve fund) JPMorgan Chase Bank N.A. FMSbonds Inc. J.P. Morgan Securities LLC Weekly 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 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
