April 9, 2021 2021-XM0939 New York State Dormitory Authority's (New York State) series 2021A tax-exempt state personal-income-tax revenue bonds (general purpose) 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 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 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 securities
