S&P Global Ratings assigned its 'AA-/A-1+' and 'AA-' ratings to FMSbonds, Inc.'s tender-option bond series 2016-ZF0500 trust, puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to Metropolitan Transportation Authority, transportation revenue bonds series 2016C. The long-term component of the ratings on the floaters and the ratings on the residuals reflects the ratings on the underlying bonds. The short-term component of the ratings, which only applies to the floaters, reflects the liquidity agreement from The Toronto-Dominion Bank, acting through its New York Branch. This trust is issued under the common document initiative using gross liquidity. For these transactions, FMSbonds, Inc. is both the trustor and administrative agent. The seller will sell and deliver the underlying bonds to the
