Summary: FMSbonds Inc. (Series 2016-XF0520); Joint Criteria; Residual Certificates; Tender Option Certificates/Bonds

Nov. 10, 2021 2016-XF0520 Metropolitan Transportation Authority, N.Y.'s series 2016D transportation revenue refunding bonds Royal Bank of Canada, acting through its New York branch FMSbonds Inc. RBC Capital Markets LLC Royal Bank of Canada, acting through its New York branch S&P Global Ratings raised the above-mentioned rating on the floater and residual receipts and assigned the above-mentioned rating to the custody receipts (collectively the receipts), following an amendment to the trust structure. The ratings reflect S&P Global Ratings' opinion of the likelihood the trust, as custody receiptholder, will have sufficient assets to pay timely interest and full principal when due on the floater receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the custody receipts

...S&P Global Ratings raised the above-mentioned rating on the floater and residual receipts and assigned the above-mentioned rating to the custody receipts (collectively the receipts), following an amendment to the trust structure. The ratings reflect S&P Global Ratings' opinion of the likelihood the trust, as custody receiptholder, will have sufficient assets to pay timely interest and full principal when due on the floater receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the custody receipts and liquidity facility, which is in place to support tender payments on floaters. The long-term rating on the custody receipts jointly reflects, assuming low correlation, the ratings on the underlying securities and credit-enhancement provider. The long-term component of our rating on the floaters reflects the ratings on the custody receipts and addresses full and timely interest-and-principal payments when receiptholders have not exercised the put...

Summary