Research Update: FMSbonds Inc. (Series 2025-CF7068) Assigned Ratings

Dec. 11, 2025 2025-CF7068 State of North Carolina general obligation public improvement (Connect NC) bonds, series 2019B Citibank N.A. FMSbonds Inc. Morgan Stanley&Co. LLC Weekly S&P Global Ratings assigned its ?AAA/A-1? and ?AAA? ratings to the floater and residual certificates (collectively the certificates), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the certificates. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on the underlying securities and addresses full and timely

...S&P Global Ratings assigned its `###/A-1' and `###' ratings to the floater and residual certificates (collectively the certificates), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the certificates. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on the underlying securities and addresses full and timely interest-and-principal payments when certificateholders have not exercised the put option. The short-term component reflects the lower of our rating on the liquidity provider or the short-term equivalent of our rating on the underlying security. The short-term rating addresses full and timely interest-and-principal payments when certificateholders exercise the put option. The long-term...

Research Update