NEW YORK (S&P Global Ratings) May 6, 2016--S&P Global Ratings assigned 20 various ratings to 10 FMSbonds Inc.'s tender option bond series 2016-XF trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, relating to various underlying bonds. The long-term components of the ratings on the floaters and residuals for each series reflect the higher of the ratings on the underlying bonds or the individual bond insurance provider. The long-term components of the ratings on the floaters and the ratings on the residuals, except series 2016-XF0385, reflect the ratings on the underlying bonds. For series 2016-XF0385, the long-term components of the ratings reflect the higher of our ratings on the insurance provider, Assured Guaranty Municipal Corp., or the underlying
