NEW YORK (S&P Global Ratings) May 8, 2020--S&P Global Ratings placed its 'AA' and 'AA/A-1' ratings on 12 tender-option bond trust issues for FMSbonds Inc.'s series 2017-XF0591, 2020-XF2868, and 2017-XF2419 and Mesirow Financial Inc.'s series 2020XM0843, related to various underlying bonds, on CreditWatch with negative implications. (Please see the table.) This rating action follows S&P Global Ratings' placement of the underlying bond rating on CreditWatch with negative implications. (For further information, please see the article, titled "Metropolitan Transportation Authority, NY Ratings Placed On CreditWatch Negative Due To COVID-19-Related Pressures," published May 4, 2020, on RatingsDirect.) The long-term rating on the custodials jointly reflects the rating on the underlying bonds and credit enhancement provided by the credit provider at the correlation
