NEW YORK (S&P Global Ratings) March 16, 2021--S&P Global Ratings lowered its long-term ratings on four tender-option bond trust floater and residual receipts issued by FMSbonds Inc., series 2015-ZF0211, and Mesirow Financial Inc., series 2018-ZM0622, related to various underlying bonds for San Antonio, Texas, to 'A+/A-1' and 'A+' from 'AA-/A-1' and 'AA-'. The long-term ratings remain on CreditWatch with negative implications, where S&P Global Ratings placed them on March 4, 2021 (see the table). This rating action follows S&P Global Ratings' lowering of its ratings on the underlying bonds. (For further information, see the article, titled "San Antonio Electric, Gas Systems Senior-Lien Rating Cut To 'AA-', Junior-Lien Rating Cut To 'A+'; Still Watch Negative," published March 10, 2021, on RatingsDirect.)
