Summary: Fort Benning Family Communities LLC, Georgia Related Series 2016A Pass-Through Certificates; Custodial Receipts

S&P Global Ratings assigned its 'AA-' rating to the series 2016A pass-through certificates related to Fort Benning Family Communities LLC, Ga.'s series 2006A class III military housing taxable revenue bonds. The rating reflects our opinion of the likelihood that the custodian, Bank of the Ozarks, will have sufficient assets to pay timely interest and principal when due on the certificates. These assets solely include Fort Benning Family Communities' series 2006A class III military housing taxable revenue bonds, the underlying securities. Our rating on the certificates solely reflects our rating on the underlying securities. Based on our analysis, we believe the assets support the full and timely payment of all obligations on the certificates, except in certain circumstances as described in

...S&P Global Ratings assigned its '##-' rating to the series 2016A pass-through certificates related to Fort Benning Family Communities LLC, Ga.'s series 2006A class III military housing taxable revenue bonds. The rating reflects our opinion of the likelihood that the custodian, Bank of the Ozarks, will have sufficient assets to pay timely interest and principal when due on the certificates. These assets solely include Fort Benning Family Communities' series 2006A class III military housing taxable revenue bonds, the underlying securities. Our rating on the certificates solely reflects our rating on the underlying securities. Based on our analysis, we believe the assets support the full and timely payment of all obligations on the certificates, except in certain circumstances as described in the "Structural Review" section below....

Summary