Summary: Stifel, Nicolaus&Co. (Series 2023-BAML5025); Tender Option Certificates/Bonds

Jan. 5, 2023 2023-BAML5025 California Health Facilities Financing Authority Revenue Bonds (Scripps Health), Series 2012A Bank of America, N.A. Stifel, Nicolaus&Company, Inc. BofA Securities, Inc. Daily S&P Global Ratings assigned the above-mentioned ratings to the floater 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 when receiptholders have

...S&P Global Ratings assigned the above-mentioned ratings to the floater 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 when receiptholders 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...

Summary