July 10, 2025 2025-ZF1989 The Port Authority of New York and New Jersey, Consolidated Bonds, Two-Hundred Thirty-Fourth Series Third Installment Bank of America, National Association FMSbonds, Inc. BofA Securities, Inc. Weekly 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 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 full
