S&P Global Ratings affirmed its 'AA' long-term ratings and removed the ratings from CreditWatch with negative implications on FMSbonds, Inc.'s series 2015-XF0220 tender-option-bond trust puttable-floating-rate receipts (floater) and inverse-floating-rate receipts (residual), related to the City of Austin, Texas' electric utility system revenue refunding bonds series 2015A. This rating action follows S&P Global Ratings' removal of underlying bond ratings from CreditWatch with negative implications on July 22, 2021. (For further information, please see "Austin, TX Electric Utility System 'AA' Rating Affirmed; Off Watch Due To Limited ERCOT Exposure; Outlook Negative," published July 21, 2021, on Ratings Direct.) The long-term component of the rating on the floater and the rating on the residual reflects the rating on the underlying bond and S&P
