Fitch Ratings has assigned the following ratings to the Puttable Floating Rate Receipts (Floater Receipts), the Inverse Floating Rate Receipts (Residual Receipts) and the Trust Receipts of the Tender Option Bond Series Trusts listed below.

Tender Option Bond Series 2022-ZL0301 Trust

Puttable Floating Rate Receipts, Series 2022-ZL0301(Floater Receipts) 'AA-'/'F1+'/Stable Outlook;

Inverse Floating Rate Receipts, Series 2022-ZL0301 (Residual Receipts) 'AA-'/Stable Outlook;

Trust Receipts, Series2022-ZL0301(Trust Receipts) 'AA-'/Stable Outlook.

Tender Option Bond Series 2022-ZL0302 Trust

Puttable Floating Rate Receipts, Series 2022-ZL0302(Floater Receipts) 'AA-'/'F1+'/Stable Outlook;

Inverse Floating Rate Receipts, Series 2022-ZL0302 (Residual Receipts) 'AA-'/Stable Outlook;

Trust Receipts, Series 2022-ZL0302(Trust Receipts) 'AA-'/Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-'/Stable Outlook rating assigned to the series 2022-ZL0301 and 2022-ZL0302 Trust Receipts is based on long-term rating assigned by Fitch to Royal Bank of Canada (RBC; AA-/F1+/Stable) acting through its New York Branch, the provider of the two irrevocable direct-pay letters of credit (LOCs) that secure the Trust Receipts deposited into the respective Trust. The LOCs supporting the Trust Receipts expire on July 31, 2023, unless such date is extended or earlier terminated.

The long-term 'AA-'/Stable Outlook ratings assigned to the Series 2022-ZL0301 and 2022-ZL0302 Floater and Residual Receipts are based on the rating assigned by Fitch to the Trust Receipts.

The short-term 'F1+' rating assigned to the Floater Receipts of Series 2022-ZL0301 and 2022-ZL0302 is based on the tender option provided by RBC as tender option provider. The scheduled expiration date of the obligations of the tender option provider to make purchase price payments is July 31, 2023.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive rating action/upgrade:

The long-term rating assigned to the Trust Receipts of both Series 2022-ZL0301 and 2022-ZL0302 is exclusively based on the long-term rating Fitch maintains on the bank providing the LOC and will reflect all changes to that rating;

The long-term ratings assigned to the Series 2022-ZL0301 and 2022-ZL0302 Floater and Residual Receipts are exclusively based on the rating assigned to the Trust Receipts deposited into the Trust and will reflect all changes to that rating;

The short-term rating assigned to the both Series 2022-ZL0301 and 2022-ZL0302 Floater Receipts is the highest short-term rating and cannot be upgraded.

Factors that could, individually or collectively, lead to negative rating action/downgrade:

The long-term rating assigned to the Trust Receipts for Series 2022-ZL0301 and 2022-ZL0302 is based on the long-term rating that Fitch maintains on the bank providing credit enhancement and will reflect all changes to that rating;

The long-term ratings assigned to the Floater and Residual Receipts of Series 2022-ZL0301 and Series 2022-ZL0302 are exclusively tied to the rating assigned to the Trust Receipts deposited in the trust and will reflect all changes to that rating;

The short-term rating assigned to the Floater Receipts of Series 2022-ZL0301 and 2022-ZL0302 will be adjusted downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term rating of the Trust Receipts deposited into the trust.

Best/Worst Case Rating Scenario

International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The basis of the Long-Term ratings assigned to the trust receipts for Series 2022-ZL0301 and ZL0302 is two LOCs issued by Royal Bank of Canada. The Long-term rating assigned to the floaters and residual receipts are based on the rating of the trust receipts. The short-term rating assigned to the floater receipts is based on the liquidity support provided by Royal Bank of Canada.

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

APPLICABLE CRITERIA

U.S. Public Finance Structured Finance Rating Criteria (pub. 12 Feb 2021) (including rating assumption sensitivity)

U.S. Public Finance Tender Option Bond Rating Criteria (pub. 16 Mar 2021) (including rating assumption sensitivity)

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form

Solicitation Status

Endorsement Policy

ENDORSEMENT STATUS

Tender Option Bond Series Trust (NY) 	EU Endorsed, UK Endorsed

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