Summary: Stifel, Nicolaus&Co. Inc. (Series 2025-VRS206); Custodial Receipts; Tender Option Certificates/Bonds

May 1, 2025 2025-VRS206 National Finance Authority Illinois Finance Authority's (The Carle Foundation) series 2023A revenue bonds Bank of America N.A. Stifel, Nicolaus&Co. Inc. BofA Securities Inc. Bank of America N.A. Daily S&P Global Ratings assigned the above-mentioned ratings to the custody receipts and class A tender certificates (collectively the receipts), reflecting its opinion of the likelihood the issuer, as custody receiptholder, will have sufficient assets to pay timely interest and full principal when due on the certificates. Issuer assets include all distributions of principal; interest; and premiums, if any, from the custody receipts and liquidity facility, which is in place to support tender payments on the certificates. The long-term rating on the custody receipts reflects the rating

...S&P Global Ratings assigned the above-mentioned ratings to the custody receipts and class A tender certificates (collectively the receipts), reflecting its opinion of the likelihood the issuer, as custody receiptholder, will have sufficient assets to pay timely interest and full principal when due on the certificates. Issuer assets include all distributions of principal; interest; and premiums, if any, from the custody receipts and liquidity facility, which is in place to support tender payments on the certificates. The long-term rating on the custody receipts reflects the rating on the credit-enhancement provider. The long-term component of our rating on the class A tender certificates reflects the ratings on the custody receipts and addresses full and timely interest-and-principal payments when certificateholders have not exercised the put option. The short-term component reflects the lower of our rating on the liquidity provider or the short-term equivalent of our rating on the custody...

Summary