NEW YORK (S&P Global Ratings) March 10, 2021--S&P Global Ratings placed the long-term rating of its 'AA/A-1' and 'AA' ratings on FMSbonds Inc.'s series 2015-XF0220 tender-option-bond trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), related to Austin, Texas, on CreditWatch with negative implications (see table). This rating action follows S&P Global Ratings' placement of the underlying bond ratings on CreditWatch with negative implications on March 3, 2021. (For further information, see the article, titled "Various Texas Retail And Cooperative Electric Utility Ratings Placed On CreditWatch Negative After Storm," published March 3, 2021, on RatingsDirect.) The long-term component of the ratings on the floaters and the rating on the residuals reflect the rating on the underlying bonds and S&P
