Jan. 3, 2020 2020-XM0809 New York City Municipal Water Finance Authority water and sewer system second general resolution revenue bonds, fiscal 2020 subseries CC-1 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 our ratings on
