Summary: RIB Floater Trust (Series 2018-FR/RI-027); Tender Option Certificates/Bonds

Nov. 2, 2018 2018-FR/RI-027 Michigan State Housing Development Authority's series 2018D single-family mortgage revenue bonds Barclays Bank PLC RIB Floater Trust Barclays Capital Inc. S&P Global Ratings assigned the above-mentioned rating to the floater receipts, reflecting S&P Global Ratings' opinion of the likelihood the trust 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 underlying securities and the liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on the underlying securities and addresses full and timely interest and principal payments when receipt holders

...S&P Global Ratings assigned the above-mentioned rating to the floater receipts, reflecting S&P Global Ratings' opinion of the likelihood the trust 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 underlying securities and the liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on the underlying securities and addresses full and timely interest and principal payments when receipt holders have not exercised the put option. The short-term component reflects the lower of our rating on the liquidity provider and the short-term equivalent of our rating on the underlying security. The short-term rating addresses full and timely interest and principal payments when receipt holders exercise the put option....

Summary