July 28, 2023 2023-XL0460 King County, Washington sewer revenue bonds, series 2023 JPMorgan Chase Bank, N.A. Loop Capital Markets LLC J.P. Morgan Securities LLC Daily 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 securities and addresses full and timely interest-and-principal payments when
