Research Update: FMSbonds Inc. (Series 2025-XF8058) Assigned Ratings

Sept. 10, 2025 2025-XF8058 Washington Metropolitan Area Transit Authority, second lien dedicated revenue bonds, series 2025A JPMorgan Chase Bank N.A. FMSbonds Inc. J.P. Morgan Securities LLC Weekly S&P Global Ratings assigned its ?AA/A-1+? and ?AA? ratings to the floater and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the receipts. 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 receipts (collectively the receipts), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the receipts. 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 receiptholders 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 receiptholders exercise the put option. The long-term rating on the...

Research Update