Research Update: FMSbonds Inc. Series 2026-XF3505 Receipts Ratings Placed On CreditWatch Negative

S&P Global Ratings placed the long-term components of its 'AA-/A-1(sf)', 'AA-'(sf), and 'AA-(sf)' ratings on FMSbonds Inc. ?s series 2026-XF3505 tender-option bond trust floater, residual, and custodial receipts, related to the California Community Choice Financing Authority , series 2025C (green bonds; term rate), on CreditWatch with negative implications. This rating action follows S&P Global Ratings' placement of its ratings on the underlying bonds on CreditWatch with negative implications. (For further information, see " California Community Choice Financing Authority Series 2025C Placed On CreditWatch Negative ," April 17, 2026.) The long-term rating on the custody receipts jointly reflects, assuming high correlation, the ratings on the underlying securities and the credit-enhancement provider. The long-term component of the ratings on the floaters and

...S&P Global Ratings placed the long-term components of its '##-/A-1(sf)', '##-'(sf), and '##-(sf)' ratings on FMSbonds Inc.'s series 2026-XF3505 tender-option bond trust floater, residual, and custodial receipts, related to the California Community Choice Financing Authority, series 2025C (green bonds; term rate), on CreditWatch with negative implications. This rating action follows S&P Global Ratings' placement of its ratings on the underlying bonds on CreditWatch with negative implications. (For further information, see "California Community Choice Financing Authority Series 2025C Placed On CreditWatch Negative," April 17, 2026.) The long-term rating on the custody receipts jointly reflects, assuming high correlation, the ratings on the underlying securities and the credit-enhancement provider. The long-term component of the ratings on the floaters and the rating on the residuals reflects the rating on the custodial receipt and addresses full and timely interest-and-principal payments...

Research Update