S&P Global Ratings assigned its 'AA+/A-1(sf)' and 'AAA/A-1(sf)' ratings to FMSbonds Inc.'s Taxable XF-B Series Trust series 2016-XFT908 and 2016-XFT910 notes, respectively. The series 2016-XFT908 notes are related to New York City Municipal Finance Authority's various series water and sewer system second general resolution revenue bonds. The series 2016-XFT910 notes are related to New York State's series 2010D New York State Dormitory Authority personal-income tax revenue bonds (general purpose) (Build America bonds). The long-term component of the rating on the notes reflects the rating on the underlying bonds. The short-term component of the rating reflects the liquidity support from the shortfall-liquidity-swap provider, Citibank N.A. The Taxable XF-B Series Trust is set up as a master trust structure where the trust
