Summary: FMSbonds Inc. (Series 2019-XF0844); Residual Certificates; Tender Option Certificates/Bonds

Dec. 4, 2019 2019-XF0844 Port Authority of New York&New Jersey's 217th series consolidated bonds Toronto-Dominion Bank, acting through its New York branch FMSbonds Inc. TD Securities (USA) LLC S&P Global Ratings assigned the above-mentioned ratings to the floater and residual receipts (collectively the receipts), reflecting its 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

...S&P Global Ratings assigned the above-mentioned ratings to the floater and residual receipts (collectively the receipts), reflecting its 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...

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