Fitch Ratings has assigned the following ratings and Rating Outlooks to the Royal Bank of Canada (RBC) Municipal Products Trust (MN), Series C-23.

RBC Municipal Floater Certificates (Floater Certificates) Series C-23

'AA-'/'F1+'/Stable Outlook;

RBC Municipal Residual Certificates (Residual Certificates) Series C-23

'AA-'/Stable Outlook;

RBC Municipal Custodial Receipts of the RBC Municipal Products Trust Series C-23

'AA-'/Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-'/Stable rating assigned to series C-23 Custodial Receipts is based on the rating that Fitch has assigned to the Royal Bank of Canada (RBC), acting through a New York branch, (RBC; AA-/F1+/Stable) the provider of the irrevocable direct-pay letter of credit (LOC), which secures the custodial receipts deposited in the trust that has a stated expiration date of July 31, 2031, unless such date is extended or earlier terminated. The long-term 'AA-'/Stable rating assigned to the Floater and Residual Certificates are based on the rating that Fitch has assigned to Custodial Receipts.

The short-term 'F1+' ratings assigned to the stated Floater Certificates is based on 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, 2031.

RATING SENSITIVITIES

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

The long-term rating assigned to the Custodial Receipts 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 Certificates is exclusively tied to the rating assigned to the Custodial Receipts deposited in the trust and will reflect all changes to that rating;

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

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

The long-term rating assigned to the Custodial Receipts 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 Floater and Residual Certificates are exclusively based on the rating assigned to the Custodial Receipts deposited into the Trust and will reflect all changes to that rating;

The short-term rating assigned to the Floater Certificates is the highest short-term rating and cannot be upgraded.

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 long-term rating for the Custodial Receipts is based on the Letter of Credit Provider;

The long-term ratings for the Floater and Residual Certificates are based on the Custodial Receipts;

The short-term rating for the Floater Certificates is based the Tender Option Bond Provider.

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

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