Mesirow Financial Inc. Series 2019-XM0758 Receipt Ratings Lowered To 'A/A-1' And 'A'

NEW YORK (S&P Global Ratings) March 27, 2020--S&P Global Ratings lowered its ratings on Mesirow Financial Inc.'s series 2019-XM0758 puttable floating-rate receipts (floaters) and inverse-floating-rate receipts (residuals) to 'A/A-1' and 'A', respectively, from 'A+/A-1' and 'A+'.

Mesirow Financial Inc. Series 2019-XM0758 Receipt Ratings Lowered
IssueNew ratingPrevious ratingCUSIP Nos.Underlying CUSIP(s) Nos.Liquidity provider
Mesirow Financial Inc. (Univ of Pittsburgh Med Ctr) Residual Ser 2019-XM0758 re hosp rev bnds (Univ of Pittsburgh Med Ctr) ser 2019AAA+88034RP2501728A5C6-
Mesirow Financial Inc. (Univ of Pittsburgh Med Ctr) Floater Ser 2019-XM0758 re hosp rev bnds (Univ of Pittsburgh Med Ctr) ser 2019AA/A-1A+/A-188034RN9201728A5C6Royal Bank of Canada
This rating action follows S&P Global Ratings' action on the underlying bonds. (For further information, please see the article, titled "University Of Pittsburgh Medical Center, PA Bond Rating Lowered To 'A' From 'A+' On Strained Financial Position," published March 19, 2020, on RatingsDirect.
The long-term component of the ratings on the floaters and the rating on the residuals reflect the rating on the underlying bonds and S&P Global Ratings' expectation of the likelihood of bondholders receiving interest-and-principal payments when due if they do not exercise their put option.
The short-term component of the ratings reflects the lower of S&P Global Ratings' rating on the liquidity provider and the correlated short-term rating of the long-term rating on the underlying security. The short-term rating reflects S&P Global Ratings' opinion of the likelihood of bondholders receiving interest-and-principal payments if they exercise their put option.
Changes to the ratings on these bonds could result from, among other things, changes to the ratings on the underlying bonds or support provider, the expiration or termination of support agreements, or the amendments to transaction terms.
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