July 25, 2023 2023-XL0448 Tennessee Housing Development Agency Residential Finance Program Bonds, Issue 2023-2A (Non-AMT) Royal Bank of Canada, acting through its New York Branch Loop Capital Markets LLC RBC Capital Markets LLC 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 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
