Standard&Poor's Ratings Services assigned eight various ratings to four FMSbonds, Inc.'s tender option bond series 2016-XF trusts, puttable floating-rate receipts (floaters), and inverse floating-rate receipts (residuals), respectively, relating to various underlying bonds. The long-term component of the ratings on the floaters and the ratings on the residuals for each series, except series 2016-XF0331, reflect the ratings on the underlying bonds. For series 2016-XF0331, the long-term component of the rating will reflect the higher of our ratings on the insurance provider, Assured Guaranty Municipal Corp., or the underlying rating on the underlying bonds. The short-term component of the ratings on the floaters is based on a liquidity agreement from Bank of America N.A. (A-1). The receipts were formerly issued
