S&P Global Ratings assigned its 'AA-/A-1+' and 'AA-' ratings to FMSbonds Inc.'s tender-option bond series 2016-XF0499 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to Metropolitan Transportation Authority, N.Y. series 2016A transportation revenue bonds. The long-term component of the ratings on the floaters and the ratings on the residuals reflect the ratings on the underlying bonds. The short-term component of the ratings, which only applies to the floaters, reflects the liquidity agreement from Toronto-Dominion Bank, acting through its New York branch. This trust is issued under the common document initiative using gross liquidity. For these transactions, FMSbonds Inc. is both the trustor and administrative agent. The seller will sell and deliver the underlying bonds to the
