S&P Global Ratings assigned its 'AA-/A-1' and 'AA-' ratings to FMSbonds Inc.'s tender-option bond series 2016-ZF0512 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, related to Atlanta's series 2015 water and wastewater refunding revenue bonds. The long-term component of the rating on the floaters and the rating on the residuals reflects the ratings on the underlying bonds. The short-term component of the rating, which only applies to the floaters, reflects the liquidity agreement from JPMorgan Chase Bank N.A. This trust is issued under the common-document initiative using gross liquidity. For these transactions, FMSbonds is both the trustor and administrative agent. The seller will sell and deliver the underlying bonds to the trustee, which will be held in
