Summary: FMSbonds Inc. (Series 2025-CF7017); Custodial Receipts; Residual Certificates; Tender Option Certificates/Bonds

Feb. 27, 2025 2025-CF7017 Freddie Mac's series WE6047 multifamily mortgage participation certificates Citibank N.A. FMSbonds Inc. Morgan Stanley Bank N.A. Citibank N.A. 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 custody receipts reflects the rating on the credit-enhancement provider. The long-term component of our rating on the floaters reflects

...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 rating on the 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 reflects the lower of our rating on the liquidity provider or the short-term equivalent of our rating on the custody receipts. The short-term rating addresses full...

Summary