Marvin J. Base 2019 Irrevocable Trust Series 2020 Notes Assigned Rating

CHICAGO (S&P Global Ratings) March 26, 2020--S&P Global Ratings today assigned its 'AA+/A-1+' rating to Marvin J. Base 2019 Irrevocable Trust's $2.985 million taxable variable-rate demand notes series 2020 due March 1, 2070.
The 'AA+/A-1+' rating on the notes reflects the higher of our ratings on the Federal Home Loan Bank of Dallas (FHLB Dallas; 'AA+/A-1+'), the confirming letter of credit (CLOC) provider, and Woodforest National Bank (NR), the fronting LOC (FLOC) provider, during the weekly interest rate mode (the rated mode).
The 'AA+' long-term component of our rating reflects the higher of our long-term issuer credit ratings on FHLB Dallas and Woodforest National Bank, and addresses our expectation for full and timely interest and principal payments when the noteholders have not exercised the put option. The 'A-1+' short-term component of our rating reflects the higher of our short-term issuer credit ratings on FHLB Dallas and Woodforest National Bank, and addresses our expectation for full and timely interest and principal payments when the noteholders have exercised the put option.
In view of the $2.985 million taxable variable-rate demand notes' structure, changes to our rating on the notes can result from, among other things, changes to our ratings on the LOC providers or amendments to the transaction's terms. We will maintain a rating on the notes as long as they are in rated mode and the LOCs have not expired, replaced, or otherwise terminated. If any of these conditions change, we will likely withdraw our rating on the notes.
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