Jan. 24, 2025 2025-XM1206 San Francisco Public Utilities Commission, Calif.'s series 2024D wastewater revenue bonds (nonsewer system improvement program) Morgan Stanley Bank N.A. Mesirow Financial Inc. Morgan Stanley&Co. LLC 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
