April 7, 2025 2025-ZF3342 New York City Transitional Finance Authority's, series 2023D-1 future tax-secured subordinate bonds (tax exempt) Barclays Bank PLC FMSbonds Inc. Barclays Capital Inc. S&P Global Ratings assigned the above-mentioned ratings to the floater and residual certificates (collectively the certificates), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the certificates. 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
