Research Update: Ratings On Multiple Tender-Option Bond Trust Receipts Raised Following Liquidity Provider Replacement - S&P Global Ratings’ Credit Research

Research Update: Ratings On Multiple Tender-Option Bond Trust Receipts Raised Following Liquidity Provider Replacement

Research Update: Ratings On Multiple Tender-Option Bond Trust Receipts Raised Following Liquidity Provider Replacement - S&P Global Ratings’ Credit Research
Research Update: Ratings On Multiple Tender-Option Bond Trust Receipts Raised Following Liquidity Provider Replacement
Published May 14, 2026
6 pages (2357 words) — Published May 14, 2026
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

S&P Global Ratings raised the short-term ratings and affirmed the long-term ratings on seven FMSbonds Inc. tender-option bond trusts, following the replacement of the liquidity provider from Morgan Stanley Bank N.A. to JPMorgan Chase Bank N.A. on May 14, 2026, the amendment date (see table). Issue description Series New rating Previous rating CUSIP Underlying CUSIP(s) Liquidity provider FMSbonds Inc. (New York City Transitional Finance Authority) Floater Ser 2025-ZF3489 re New York City Transitional Fin Au ser 2026B 2025-ZF3489 AAA/A-1+ AAA/A-1 88035TAG5 64972JXS2 JPMorgan Chase Bank N.A. FMSbonds Inc. (New York City Transitional Finance Authority) Residual Ser 2025-ZF3489 re New York City Transitional Fin A ser 2026B 2025-ZF3489 AAA AAA 88035TAH3 64972JXS2 FMSbonds Inc. (Dormitory Authority of the State of New

  
Brief Excerpt:

...S&P Global Ratings raised the short-term ratings and affirmed the long-term ratings on seven FMSbonds Inc. tender-option bond trusts, following the replacement of the liquidity provider from Morgan Stanley Bank N.A. to JPMorgan Chase Bank N.A. on May 14, 2026, the amendment date (see table)....

  
Report Type:

Research Update

Issuer
New York City
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Ratings On Multiple Tender-Option Bond Trust Receipts Raised Following Liquidity Provider Replacement" May 14, 2026. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ratings-On-Multiple-Tender-Option-Bond-Trust-Receipts-Raised-Following-Liquidity-Provider-Replacement-3562935>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Ratings On Multiple Tender-Option Bond Trust Receipts Raised Following Liquidity Provider Replacement May 14, 2026. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Ratings-On-Multiple-Tender-Option-Bond-Trust-Receipts-Raised-Following-Liquidity-Provider-Replacement-3562935>
  
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