Summary: FMSbonds Inc. Port Authority of New York&New Jersey; Residual Certificates; Tender Option Certificates/Bonds

Standard&Poor's Ratings Services assigned its 'AA-/A-1' and 'AA-' ratings to tender option bond series 2016-XF2211 trust floater certificates (floaters) and residual certificates (residuals), respectively, related to the Port Authority of New York&New Jersey's consolidated bonds, 166th series (term bonds). The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the underlying bonds. The short-term component of the rating, which only applies to the floaters, reflects the liquidity agreement from Morgan Stanley Bank N.A.. The certificates were formerly issued as floater and residual certificates under individual trust agreements by The Bank of New York Mellon. The CUSIPs associated with the former certificates have been exchanged for new CUSIPs

...Standard & Poor's Ratings Services assigned its '##-/A-1' and '##-' ratings to tender option bond series 2016-XF2211 trust floater certificates (floaters) and residual certificates (residuals), respectively, related to the Port Authority of New York & New Jersey's consolidated bonds, 166th series (term bonds). The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the underlying bonds. The short-term component of the rating, which only applies to the floaters, reflects the liquidity agreement from Morgan Stanley Bank N.A.. The certificates were formerly issued as floater and residual certificates under individual trust agreements by The Bank of New York Mellon. The CUSIPs associated with the former certificates have been exchanged for new CUSIPs and issued as floater and residual certificates under new individual trusts. The trustee will transfer the underlying bonds to the new individual trusts and issue new certificates. The exchange...

Summary