Research Update: FMSbonds Inc. (Series 2026-MS0119E) Assigned Ratings

Aug. 13, 2026 2026-MS0119E City of New York general obligation bonds, fiscal 2027 series A (tax-exempt) Morgan Stanley Bank N.A. FMSbonds Inc. Morgan Stanley&Co. LLC Term S&P Global Ratings assigned its 'AA/A-1' and 'AA' 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

...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