June 30, 2021 2021-XMT0948 Philadelphia's series 2021B water and wastewater revenue refunding bonds (federally taxable) JPMorgan Chase Bank N.A. Mesirow Financial Inc. JPMorgan Securities LLC S&P Global Ratings assigned the above-mentioned ratings to the taxable 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 and addresses full and timely interest-and-principal payments
