Summary: FMSbonds Inc. (Series 2018-XF2616, 2018-XF2617, And 2018-XF2618); Residual Certificates; Tender Option Certificates/Bonds

June 21, 2018 2018-XF2616 Illinois Regional Transportation Authority's series 2018B general obligation (GO) bonds 2018-XF2617 Illinois Regional Transportation Authority's series 2018B GO bonds 2018-XF2618 Illinois Regional Transportation Authority's series 2018B GO bonds Morgan Stanley Bank N.A. FMSbonds Inc. Morgan Stanley&Co. 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