Summary: FMSbonds Inc. (Series 2016-XF0451); Residual Certificates; Tender Option Certificates/Bonds

S&P Global Ratings assigned its 'AA-/A-1' and 'AA-' ratings to FMSbonds Inc.'s tender option bond series 2016-XF0451 trust puttable floating rate receipts (floaters) and inverse floating rate receipts (residuals), respectively, relating to California Health Facilities Financing Authority's revenue bonds (Lucile Salter Packard Children's Hospital at Stanford). The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the underlying bonds (CUSIP: 13032UDC9). The short-term component of the rating, which only applies to the floaters, reflects the liquidity agreement from Bank of America N.A. The trust is issued under the common document initiative using gross liquidity. For these transactions, FMSbonds Inc. is both the trustor and trust administrator, and Bank of America N.A.

...S&P Global Ratings assigned its '##-/A-1' and '##-' ratings to FMSbonds Inc.'s tender option bond series 2016-XF0451 trust puttable floating rate receipts (floaters) and inverse floating rate receipts (residuals), respectively, relating to California Health Facilities Financing Authority's revenue bonds (Lucile Salter Packard Children's Hospital at Stanford). The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the underlying bonds (CUSIP: 13032UDC9). The short-term component of the rating, which only applies to the floaters, reflects the liquidity agreement from Bank of America N.A. The trust is issued under the common document initiative using gross liquidity. For these transactions, FMSbonds Inc. is both the trustor and trust administrator, and Bank of America N.A. is the liquidity provider. For this trust, the seller will deposit the underlying bonds into the new individual trust and issue the new floaters and residuals on the sale...

Summary