Summary: FMSbonds Inc. (Series 2016-XF0330); Residual Certificates; Tender Option Certificates/Bonds

Standard&Poor's Ratings Services assigned its 'AA-/A-1+' and 'AA-' ratings to FMSbonds Inc.'s tender-option bond series 2016-XF0330 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to California Health Facilities Financing Authority's series 2009A and 2009B revenue bonds (St. Joseph Health System). The long-term components of the ratings on the floaters and residuals reflect the rating on the underlying bonds. The short-term component of the rating on the floaters reflects an individual liquidity agreement provided by Royal Bank of Canada, acting through its New York Branch. The receipts 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 receipts have been

...Standard & Poor's Ratings Services assigned its '##-/A-1+' and '##-' ratings to FMSbonds Inc.'s tender-option bond series 2016-XF0330 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to California Health Facilities Financing Authority's series 2009A and 2009B revenue bonds (St. Joseph Health System). The long-term components of the ratings on the floaters and residuals reflect the rating on the underlying bonds. The short-term component of the rating on the floaters reflects an individual liquidity agreement provided by Royal Bank of Canada, acting through its New York Branch. The receipts 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 receipts have been exchanged for new CUSIPs and issued as floater and residual receipts under new individual trusts. The trustee will transfer the underlying bonds to new individual...

Summary