...S&P Global Ratings affirmed its ratings on FMSbonds Inc.'s tender-option bond trust series 2016-XF1055 trust puttable floating-rate receipts (floaters), inverse-floating-rate receipts (residuals), and custodial receipts (custodials), related to Lee Memorial Health System Hospital series 2007A Hospital Revenue Bonds. This rating action follows our action on one of the two underlying bonds held in this trust. The rating on one of the underlying bonds was withdrawn on June 13, 2017. The long-term rating on the custodial reflects joint support between the SPUR on the underlying bond and rating on the credit enhancement provided by Deutsche Bank AG assuming a low correlation level. The long-term component of the ratings on the floater and the ratings on the residual reflect the rating on the custodial, as well as our expectation of the likelihood of bondholders receiving interest and principal payments when due if they do not exercise their put option. The short-term component of the rating...
