S&P Global Ratings assigned its 'AA-/A-1+' and 'AA-' ratings to FMSbonds Inc.'s tender-option bond series 2016-XF0520 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to Metropolitan Transportation Authority, N.Y.'s series 2016D transportation revenue refunding 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 ratings, which only applies to the floaters, reflects the liquidity agreement from Royal Bank of Canada, acting through its New York Branch. This trust is issued under the common-document initiative using gross liquidity. For these transactions, FMSbonds is both the trustor and administrative agent. The seller will sell and deliver the underlying bonds to
