April 16, 2020 2016-XF2260 New York State's series 2011A tax-exempt general obligation (term) bonds JPMorgan Chase Bank N.A. FMSbonds Inc. J.P. Morgan Securities LLC S&P Global Ratings affirmed the above-mentioned ratings to the floater and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on floater receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and liquidity facility, which is in place to support tender payments on floaters. The short-term component of the rating now reflects JPMorgan Chase Bank N.A. as the liquidity provider, replacing Citibank N.A. The long-term component of our rating on the
