Summary: FMSbonds Inc. (Series 2016-XF2307); Residual Certificates; Tender Option Certificates/Bonds

S&P Global Ratings assigned its 'AA-/A-1' and 'AA-' ratings to FMSbonds Inc.'s tender-option bond series 2016-XF2307 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to New York State Dormitory Authority's (New York University) series 2016A revenue bonds (tax-exempt) (term 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 rating, which only applies to the floaters, reflects the liquidity agreement from Morgan Stanley Bank N.A. This trust is issued under the common document initiative using net liquidity. For these transactions, FMSbonds is both the trustor and trust administrator. The seller will sell and deliver the underlying bonds to

...S&P Global Ratings assigned its '##-/A-1' and '##-' ratings to FMSbonds Inc.'s tender-option bond series 2016-XF2307 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to New York State Dormitory Authority's (New York University) series 2016A revenue bonds (tax-exempt) (term 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 rating, which only applies to the floaters, reflects the liquidity agreement from Morgan Stanley Bank N.A. This trust is issued under the common document initiative using net liquidity. For these transactions, FMSbonds is both the trustor and trust administrator. The seller will sell and deliver the underlying bonds to the trustee, which will be held in the trust by the trustee. The trust will issue the floaters and residuals on the sale date. The sale date is June 16, 2016. The seller...

Summary