NEW YORK (S&P Global Ratings) May 13, 2016--S&P Global Ratings assigned 16 various ratings to eight FMSbonds Inc. tender option bond series 2016-ZF 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 the ratings on the residuals, except series 2016-ZF0415, 2016-ZF0415, and 2016-ZF0417, reflect the ratings on the underlying bonds. For series 2016-ZF0415, 2016-ZF0415, and 2016-ZF0417, the long-term components of the ratings reflect the higher of our ratings on the insurance provider, Assured Guaranty Municipal Corp., or the underlying rating on the underlying bonds. The short-term components of the ratings on the floaters are based on a liquidity agreement from JPMorgan Chase Bank
