Summary: FMSbonds Inc. (Series 2018-XF0664 And 2018-XF0665); Residual Certificates; Tender Option Certificates/Bonds

June 21, 2018 2018-XF0664 Seattle, Wash.'s series 2018A municipal light and power improvement revenue bonds 2018-XF0665 Seattle, Wash.'s series 2018A municipal light and power improvement revenue bonds Royal Bank of Canada, acting through its New York branch FMSbonds Inc. RBC Capital Markets LLC S&P Global Ratings assigned the above-mentioned ratings to the floater and residual receipts (collectively the receipts), reflecting S&P Global Ratings' opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and the liquidity facility, which is in place to support tender payments on the floaters. The long-term component of

...S&P Global Ratings assigned the above-mentioned ratings to the floater and residual receipts (collectively the receipts), reflecting S&P Global Ratings' opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and the liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on the underlying securities and addresses full and timely interest and principal payments when receipt holders have not exercised the put option. The short-term component reflects the lower of our rating on the liquidity provider and the short-term equivalent of our rating on the underlying security. The short-term rating addresses full and timely interest and principal payments when receipt holders exercise the put option. The long-term...

Summary