June 27, 2019 2019-ZF0787 Michigan State Housing Development Authority's series 2018C single-family mortgage revenue bonds Royal Bank of Canada, acting through its New York branch FMSbonds Inc. RBC Capital Markets LLC S&P Global Ratings assigned 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 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 underlying securities and addresses
