August 19, 2025 2025-MS0064E City and County of Denver, Colorado, acting by and through its Board of Water Commissioners Water Revenue Refunding Bonds, series 2025A Morgan Stanley Bank, N.A. Mesirow Financial, Inc. Morgan Stanley&Co. LLC Term 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 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
