FMSbonds Inc. Various Ratings Raised On Eight Tender-Option-Bond Trust Receipts

NEW YORK (S&P Global Ratings) Oct. 12, 2021--S&P Global Ratings raised its long-term ratings on eight tender-option-bond trust receipts, issued by FMSbonds Inc., series 2017-XF2480, 2017-XF0550, 2018-XF0677, and 2017-XF0551, related to various underlying bonds (see the table). This rating action follows S&P Global Ratings' raising of its ratings on the underlying bonds. (For further information, see the article, titled "Hudson Yards Infrastructure Corp., NY Bond Rating Raised To 'AA-' On Development Progress, Reduced Reliance On City," published Oct. 7, 2021, on RatingsDirect.) The long-term component of the ratings on the floaters and the ratings on the residuals reflect the ratings on the underlying bonds and S&P Global Ratings' expectation of the likelihood of bondholders receiving interest-and-principal payments when due if

...This rating action follows S&P Global Ratings' raising of its ratings on the underlying bonds. (For further information, see the article, titled "Hudson Yards Infrastructure Corp., NY Bond Rating Raised To '##-' On Development Progress, Reduced Reliance On City," published Oct. 7, 2021, on RatingsDirect.) The long-term component of the ratings on the floaters and the ratings on the residuals reflect the ratings 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 on the floaters reflects the lower of S&P Global Ratings' rating on each issue's respective liquidity provider and the short-term equivalent of the long-term rating on the underlying security. The short-term rating reflects S&P Global Ratings' opinion of the likelihood of bondholders receiving interest-and-principal payments if they exercise their put option....

Ratings Action