Summary: FMSbonds Inc. (Series 2024-ZF1772); Joint Criteria

Nov. 14, 2024 2024-ZF1772 Philadelphia's series 17th A gas works revenue bonds Assured Guaranty Inc. Royal Bank of Canada, acting through its New York Branch FMSbonds Inc. RBC Capital Markets LLC Royal Bank of Canada, acting through its New York branch Weekly S&P Global Ratings assigned the above-mentioned ratings to the custody, floater, and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust, as custody receiptholder, 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 custody receipts and liquidity facility, which is in place to support tender payments on floaters. The long-term rating on the

...S&P Global Ratings assigned the above-mentioned ratings to the custody, floater, and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust, as custody receiptholder, 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 custody receipts and liquidity facility, which is in place to support tender payments on floaters. The long-term rating on the custody receipts reflects the higher of the rating on the underlying securities with insurance and the jointly correlated rating, assuming low correlation, of the ratings on the underlying securities and credit-enhancement provider. The long-term component of our rating on the floaters reflects the ratings on the custody receipts and addresses full and timely interest-and-principal payments when receiptholders have not exercised the put option. The short-term component...

Summary