...August 25, 2022 NEW YORK (S&P Global Ratings) Aug. 25, 2022--S&P Global Ratings lowered its long-term rating component 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' series 2015A electric utility system revenue refunding bonds, to '##-/A-1' and '##-' from '##/A-1' and '##', respectively. This rating action follows S&P Global Ratings' action on the underlying bonds. (For further information, see the article ",Austin, TX Electric Utility System Debt Rating Lowered To '##-' On Weakened Coverage Metrics; Outlook Stable," published Aug. 23, 2022, on RatingsDirect.) The long-term component of the rating on the floaters and the rating on the residuals reflects the rating on the underlying bonds and S&P Global Ratings' expectation of the likelihood of bondholders receiving interest-and-principal payments when due if they do not exercise their put option. The short-term...
