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FMSbonds Inc. Series 2018-XF2659 Receipt Ratings Lowered To 'AA/A-1' And 'AA'

Published May 30, 2019

3 pages (1302 words) — Published May 30, 2019

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Abstract:

NEW YORK (S&P Global Ratings) May 30, 2019--S&P Global Ratings lowered its long-term ratings on FMSbonds Inc.'s series 2018-XF2659 tender-option bond trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), related to Cleveland, Ohio's series 2018A subordinate-lien income tax bonds, to 'AA/A-1' and 'AA', respectively, from 'AA+/A-1' and 'AA+'. This rating action follows S&P Global Ratings' lowering of the underlying bond rating. (For further information on the underlying rating action, please see the article, titled "Cleveland Sub-Lien Income Tax Bond Rating Lowered To 'AA' On Criteria Application," published May 17, 2019, on RatingsDirect.) The long-term component of the ratings on the floaters and the rating on the residuals reflect the ratings on the underlying bonds and S&P Global Ratings'

Brief Excerpt:

...May 30, 2019 NEW YORK (S&P Global Ratings) May 30, 2019--S&P Global Ratings lowered its long-term ratings on FMSbonds Inc.'s series 2018-XF2659 tender-option bond trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), related to Cleveland, Ohio's series 2018A subordinate-lien income tax bonds, to '##/A-1' and '##', respectively, from '##+/A-1' and '##+'....

Report Type:

Ratings Action

Issuer

Cleveland

Sector

Global Issuers, Public Finance

Country

United States

Region

United States

Format:

PDF

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "FMSbonds Inc. Series 2018-XF2659 Receipt Ratings Lowered To 'AA/A-1' And 'AA'" May 30, 2019. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/FMSbonds-Inc-Series-2018-XF2659-Receipt-Ratings-Lowered-To-AA-A-1-And-AA-2241530>

APA:	S&P Global Ratings’ Credit Research. (). FMSbonds Inc. Series 2018-XF2659 Receipt Ratings Lowered To 'AA/A-1' And 'AA' May 30, 2019. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/FMSbonds-Inc-Series-2018-XF2659-Receipt-Ratings-Lowered-To-AA-A-1-And-AA-2241530>

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