Summary: FMSbonds Inc. (Series 2016-XF1055); Joint Criteria

S&P Global Ratings affirmed its 'AA-/A-2', 'AA-', and 'AA-' ratings on FMSbonds Inc.'s series 2016-XF1055 tender-option bond trust floater; residual; and custodial receipts, respectively, related to Lee Memorial Health System, Fla.'s series 2007A hospital revenue bonds. The long-term rating on the custodial receipts jointly reflects the rating on the underlying bonds and credit enhancement provided by Deutsche Bank AG at the low-correlation level. The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the custodial receipts and 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 on the floaters reflects the lower

...S&P Global Ratings affirmed its '##-/A-2', '##-', and '##-' ratings on FMSbonds Inc.'s series 2016-XF1055 tender-option bond trust floater; residual; and custodial receipts, respectively, related to Lee Memorial Health System, Fla.'s series 2007A hospital revenue bonds. The long-term rating on the custodial receipts jointly reflects the rating on the underlying bonds and credit enhancement provided by Deutsche Bank AG at the low-correlation level. The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the custodial receipts and 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 on the floaters reflects the lower of our rating on the liquidity provider and the correlated short-term rating of the long-term rating on the underlying security. The short-term rating reflects our opinion of the likelihood of bondholders...

Summary