���������ֳ�

���������ֳ� - New York - 09 May 2025: ���������ֳ� has taken various conforming rating actions on U.S. enhanced municipal bonds and tender option bonds (TOBs) corresponding to actions taken on their associated enhancement providers, liquidity providers or underlying bonds.

Key Rating Drivers

The U.S. enhanced municipal bonds and TOB ratings addressed in this rating action commentary (RAC) are dependent ratings, being the subject of preexisting rating dependencies. A list of the U.S. enhanced municipal bond and TOB ratings actions can be seen via the "View Additional Rating Details" link below.

All rating actions announced in this RAC are directly driven by separately announced rating actions on associated enhancement providers, liquidity providers or underlying bonds. The most recent RAC with respect to the credit rating of each associated enhancement provider, liquidity provider or underlying bonds referenced herein sets out the key rating drivers and names and contact details of the relevant primary and secondary analysts and committee chair in relation to the credit ratings of such enhancement providers, liquidity providers or underlying bonds.

The specific preexisting rating dependency relationship for a given U.S. enhanced municipal bond or TOB rating can be seen by viewing the RAC published at the time the rating dependency was established.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

--A negative rating action on the associated enhancement providers, liquidity providers or underlying bonds, taking into account the specificities of the existing rating dependencies;

--A restructuring of the enhancement existing arrangements (e.g., the expiry of the enhancement), in which case the affected rating dependency relationship will be reviewed and the ratings may be negatively affected or withdrawn.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

--A positive rating action on the associated enhancement providers, liquidity providers or underlying bonds, taking into account the specificities of the existing rating dependencies;

--A restructuring of the enhancement existing arrangements (e.g., a change to a higher rated enhancement provider), in which case the affected rating dependency relationship will be reviewed and the ratings may be positively affected.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

Additional information is available on

ADDITIONAL DISCLOSURES

• Dodd-Frank Rating Information Disclosure Form
• Solicitation Status
• Endorsement Policy

ENDORSEMENT STATUS