Summary: Providence St. Joseph Health, Washington FMS Bonds, Inc.; Residual Certificates; Tender Option Certificates/Bonds

S&P Global Ratings placed its long-term ratings on 18 tender-option bond trust receipts issued by FMSbonds Inc. and Mesirow Financial Inc., related to various underlying bonds, on CreditWatch with Negative Implications. This rating action follows S&P Global Ratings' placement of its ratings on the underlying bonds on CreditWatch with Negative Implications. (For further information, please see "Providence St. Joseph Health, WA Debt Rating Placed On CreditWatch Negative Due To Separation From Hoag," published Jan. 19, 2021, on RatingsDirect.) The long-term component of the ratings on the floaters and the ratings on the residuals reflect the rating on the underlying bonds as well as S&P Global Ratings' expectation of the likelihood of bondholders receiving interest and principal payments when due if

...Providence. Providence already has a lighter overall financial profile relative to the rating, primarily given that Hoag will leave the system with sizable unrestricted reserves." Changes to the ratings on these receipts could result from, among other things, changes to the ratings on the underlying bonds or support provider, the expiration or termination of support agreements, or the amendments to transaction terms. Ratings Detail (As Of January 28, 2022)...

Summary