Summary: FMSbonds Inc. (Series 2018-ZF2677 And 2018-ZF2678); Residual Certificates; Tender Option Certificates/Bonds

Sept. 6, 2018 2018-ZF2677 Tennessee Housing Development Agency's series 2018-3 residential-finance-program bonds 2018-ZF2678 Tennessee Housing Development Agency's series 2018-3 residential-finance-program bonds Citibank N.A. FMSbonds Inc. Citigroup Global Markets Inc. 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

...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