Andrew Long Irrevocable Family Trust Notes Series 2018 Assigned Rating

NEW YORK (S&P Global Ratings) Dec. 6, 2018--S&P Global Ratings today assigned 
its 'AA+/A-1+' rating to Andrew Long Irrevocable Family Trust's $4,925 million 
taxable variable-rate notes series 2018.

The 'AA+/A-1+' rating on the notes reflects the higher of our ratings on the 
Federal Home Loan Bank of Dallas (FHLB Dallas; 'AA+/A-1+'), the confirming 
letter of credit (CLOC) provider, and Green Bank N.A. (not rated), the 
fronting LOC (FLOC) provider, during the weekly interest rate mode (the rated 
mode).

The 'AA+' long-term component of our rating reflects the higher of our 
long-term issuer credit ratings on Green Bank N.A. and FHLB Dallas and 
addresses our expectation of full and timely interest and principal payments 
when the noteholders have not exercised the put option. The 'A-1+' short-term 
component of our rating reflects the higher of our short-term issuer credit 
ratings on Green Bank N.A. and FHLB Dallas and addresses our expectation of 
full and timely interest and principal payments when the noteholders have 
exercised the put option.

In view of the note structure, changes to our rating on the notes can result 
from, among other things, changes to our ratings on the LOC providers or 
amendments to the transaction's terms. We will maintain a rating on the notes 
as long as the LOCs have not expired or otherwise terminated. If this 
condition changes, we will likely withdraw our rating on the notes.