June 1, 2018 2018-XG0178 New Jersey Higher Education Student Assistance Authority's series 2018A senior student loan revenue bonds Bank of America N.A. George K. Baum&Co. Merrill Lynch, Pierce, Fenner,&Smith Inc. 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
