FMSbonds Inc. Series 2019-ZF2814 Receipt Ratings Raised To 'AA+/A-1', 'AA+' - S&P Global Ratings’ Credit Research

FMSbonds Inc. Series 2019-ZF2814 Receipt Ratings Raised To 'AA+/A-1', 'AA+'

FMSbonds Inc. Series 2019-ZF2814 Receipt Ratings Raised To 'AA+/A-1', 'AA+' - S&P Global Ratings’ Credit Research
FMSbonds Inc. Series 2019-ZF2814 Receipt Ratings Raised To 'AA+/A-1', 'AA+'
Published Sep 20, 2022
2 pages (1218 words) — Published Sep 20, 2022
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

CHICAGO (S&P Global Ratings) Sept. 20, 2022--S&P Global Ratings raised its ratings on FMSbonds Inc.'s series 2019-ZF2814 tender-option-bond trust puttable-floating-rate receipts (floaters) and inverse-floating-rate receipts (residuals), related to San Antonio, Texas' water system junior-lien revenue bonds (San Antonio Water System), to 'AA+/A-1' and 'AA+' from 'AA/A-1' and 'AA', respectively. This rating action follows S&P Global Ratings' action on the underlying bonds. (For further information, see "San Antonio Water Systems Revenue Bond Rating Raised To 'AA+' On Minimal Debt And Strong Metrics," published Sept. 12, 2022, 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 Global Ratings' expectation of the likelihood of bondholders receiving

  
Brief Excerpt:

...September 20, 2022 CHICAGO (S&P Global Ratings) Sept. 20, 2022--S&P Global Ratings raised its ratings on FMSbonds Inc.'s series 2019-ZF2814 tender-option-bond trust puttable-floating-rate receipts (floaters) and inverse-floating-rate receipts (residuals), related to San Antonio, Texas' water system junior-lien revenue bonds (San Antonio Water System), 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 "San Antonio Water Systems Revenue Bond Rating Raised To '##+' On Minimal Debt And Strong Metrics," published Sept. 12, 2022, 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 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 component of the ratings...

  
Report Type:

Ratings Action

Ticker
2870Z
Issuer
San Antonio
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "FMSbonds Inc. Series 2019-ZF2814 Receipt Ratings Raised To 'AA+/A-1', 'AA+'" Sep 20, 2022. Alacra Store. May 06, 2024. <http://www.alacrastore.com/s-and-p-credit-research/FMSbonds-Inc-Series-2019-ZF2814-Receipt-Ratings-Raised-To-AA-A-1-AA-2894108>
  
APA:
S&P Global Ratings’ Credit Research. (). FMSbonds Inc. Series 2019-ZF2814 Receipt Ratings Raised To 'AA+/A-1', 'AA+' Sep 20, 2022. New York, NY: Alacra Store. Retrieved May 06, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/FMSbonds-Inc-Series-2019-ZF2814-Receipt-Ratings-Raised-To-AA-A-1-AA-2894108>
  
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