NEW YORK (Standard&Poor's) Jan. 8, 2016--Standard&Poor's Ratings Services assigned 12 various ratings to six tender option bond series 2015-ZF trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), issued by FMSbonds Inc. The receipts were formerly issued as short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs) under individual trust agreements by Deutsche Bank Securities Inc. However, the CUSIPs associated with the former receipts have been issued under the new individual trust by FMSbonds Inc on the exchange/conversion date (Dec. 17, 2015). This trust is issued under the common document initiative using gross liquidity. For this transaction, FMSbonds Inc. is the administrative agent and trustor. Royal Bank of Canada, acting through
