Valuation Announcement: Moody’s Considers Amendment for Tender Option Bond Trust (RBC Liquidity), Puttable Floating Rate Receipts, Series 2016-ZM0172Global Credit Research – February 09, 2022New York, February 09, 2022 — Moody’s Investors Service, (“Moody’s ) reviewed the proposed amendment dated February 10, 2022 (the Amendment) to the Trust Series Indenture for Callable Bond Trust (RBC Liquidity), Puttable Floating Rate Receipts, Series 2016-ZM0172. The Amendment, which extends the Designated Expiry Date, will not have an adverse effect on the credit quality of the certificates and will therefore not, in itself and from this moment, result in a reduction or withdrawal of Moody’s rating. Moody’s expresses no opinion as to whether the amendment may have other non-credit related effects. This publication does not announce a credit rating action. For all credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most up-to-date credit rating action information and rating history. Randy Matlosz Analyst Public Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 USA JOURNALISTS: 1 212 553 0376 Customer Service: 1 212 553 1653 Michael J. Loughlin Vice President – Senior Analyst Public Finance Group JOURNALISTS: 1 212 553 0376 Customer Service: 1 212 553 1653 Release Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 USA JOURNALISTS: 1 212 553 0376 Customer Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service , Inc ., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. 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