June 2, 2020 2020-XF0957 New Jersey Higher Education Student Assistance Authority's (New Jersey) series 2020C subordinate student loan revenue bonds (alternative-minimum tax) Royal Bank of Canada, acting through its New York branch FMSbonds Inc. RBC Capital Markets LLC Royal Bank of Canada, acting through its New York branch S&P Global Ratings assigned the above-mentioned ratings to the custody, floater, and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust, as custody receipt holder, will have sufficient assets to pay timely interest and full principal when due on the floater receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the custody receipts and liquidity facility, which is in place to support tender
