May 6, 2025 2025-ZL0623 Massachusetts' consolidated loan of 2024 series I general obligation bonds Wells Fargo Bank N.A. Loop Capital Markets LLC Wells Fargo Bank N.A. Weekly 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