Aug. 3, 2020 2020-XF0982 The Port Authority of New York and New Jersey Consolidated Bonds, Two Hundred and Twenty-First Series 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 receiptholder, 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 payments on floaters.
