June 7, 2018 2018-ZM0661 New York State Dormitory Authority's (New York State) series 2018A (tax-exempt) state sales tax revenue bonds Morgan Stanley Bank N.A. Mesirow Financial Inc. Morgan Stanley&Co. LLC S&P Global Ratings assigned the above-mentioned ratings to the floater and residual receipts (collectively the receipts), reflecting S&P Global Ratings' 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 the 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
