June 29, 2017 2017-ZF0557 New York State Dormitory Authority's series 2016A (tax-exempt) personal income tax revenue (general-purpose) bonds The Toronto-Dominion Bank, acting through its New York branch FMSbonds Inc. TD Securities (USA) LLC S&P Global Ratings assigned the above-mentioned ratings to the floater and residual receipts (collectively the receipts), reflecting S&P Global Ratings' 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
