S&P Global Ratings assigned its 'AAA/A-1' and 'AAA' ratings to FMSbonds Inc.'s tender-option bond series 2016-XF0525 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to New York State's series 2009A-B New York State Dormitory Authority personal income tax revenue refunding bonds (general purpose). The long-term component of the ratings on the floaters and the rating on the residuals reflect the ratings on the underlying bonds. The short-term component of the ratings, which only applies to the floaters, reflects the liquidity support from JPMorgan Chase Bank N.A. This trust is issued under the common-document initiative using gross liquidity. For these transactions, FMSbonds is both the trustor and administrative agent. The receipts were formerly issued as floater and
