Summary: FMSbonds Inc. (Series 2022-XF1365); Residual Certificates; Tender Option Certificates/Bonds

S&P Global Ratings lowered the long-term rating components on FMSbonds Inc.'s series 2022-XF1365 tender-option-bond trust floater and residual receipts, related to West Contra Costa Unified School District, Calif.'s series 2015B general obligation bonds (Contra Costa County election of 2012), to 'A+/A-1' and 'A+', respectively, from 'AA-/A-1' and 'AA-'. This rating action follows S&P Global Ratings' action on the underlying bonds reflecting, among other things, our view of the district's elevated governance risk associated with its governance structure. (For further information, see, "West Contra Costa Unified School District, CA GO Bond Rating Cut To 'A+'; $339.78 Million GO, Refunding Bonds Rated 'A+'," published Sept. 19, 2024, on RatingsDirect.) The long-term component of the rating on the floaters and the rating on

...S&P Global Ratings lowered the long-term rating components on FMSbonds Inc.'s series 2022-XF1365 tender-option-bond trust floater and residual receipts, related to West Contra Costa Unified School District, Calif.'s series 2015B general obligation bonds (Contra Costa County election of 2012), to 'A+/A-1' and 'A+', respectively, from '##-/A-1' and '##-'. This rating action follows S&P Global Ratings' action on the underlying bonds reflecting, among other things, our view of the district's elevated governance risk associated with its governance structure. (For further information, see, "West Contra Costa Unified School District, CA GO Bond Rating Cut To 'A+'; $339.78 Million GO, Refunding Bonds Rated 'A+'," published Sept. 19, 2024, on RatingsDirect.) The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the underlying bonds and S&P Global Ratings' expectation of the likelihood of bondholders receiving interest-and-principal payments when...

Summary