Summary: FMSbonds Inc. (Series 2016-XF2360); 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-XF2360 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to Port Authority of New York&New Jersey's series 194 consolidated bonds (term bonds). The long-term components of the ratings on the floaters and the ratings on the residuals reflects the ratings on the underlying bonds. The short-term components of the ratings, which only applies to the floaters, reflects the liquidity agreement from Citibank N.A. This trust is issued under the common document initiative using net liquidity. For these transactions, FMSbonds Inc. is both the trustor and administrative agent. The seller will sell and deliver the underlying bonds to the trustee,

...S&P Global Ratings assigned its '##-/A-1' and '##-' ratings to FMSbonds Inc.'s tender-option bond series 2016-XF2360 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to Port Authority of New York & New Jersey's series 194 consolidated bonds (term bonds). The long-term components of the ratings on the floaters and the ratings on the residuals reflects the ratings on the underlying bonds. The short-term components of the ratings, which only applies to the floaters, reflects the liquidity agreement from Citibank N.A. This trust is issued under the common document initiative using net liquidity. For these transactions, FMSbonds Inc. is both the trustor and administrative agent. 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, July 21, 2016. The seller has entered into a sale agreement with...

Summary