Summary: Tender Option Bond Series 2014-XF-0001 Issued By fmsbonds Inc. Port Authority of New York&New Jersey; Residual Certificates; Tender Option Certificates/Bonds

Standard&Poor's Ratings Services assigned its 'AA-/A-1' and 'AA-' ratings to Tender Option Bond series 2014-XF0001 Trust, puttable floating-rate receipts (floater receipts) and inverse floating-rate receipts (residual receipts), respectively, relating to Port Authority of New York&New Jersey's consolidated bonds, 152nd series. The series XF-0001 floaters and residuals (collectively the "receipts") are being issued under the first trust issued by fmsbonds, Inc. as both trustor and administrative agent, where the liquidity provider is JPMorgan Chase Bank, N.A. The long-term component of the ratings on the floaters and residuals is based on the rating on the underlying bonds (CUSIP#: 73358T2T7). The short-term component of the rating on the floaters is based on a liquidity agreement provided by JPMorgan Chase

...Standard & Poor's Ratings Services assigned its '##-/A-1' and '##-' ratings to Tender Option Bond series 2014-XF0001 Trust, puttable floating-rate receipts (floater receipts) and inverse floating-rate receipts (residual receipts), respectively, relating to Port Authority of New York & New Jersey's consolidated bonds, 152nd series. The series XF-0001 floaters and residuals (collectively the "receipts") are being issued under the first trust issued by fmsbonds, Inc. as both trustor and administrative agent, where the liquidity provider is JPMorgan Chase Bank, N.A. The long-term component of the ratings on the floaters and residuals is based on the rating on the underlying bonds (CUSIP#: 73358T2T7). The short-term component of the rating on the floaters is based on a liquidity agreement provided by JPMorgan Chase Bank N.A. (A-1). The underlying bond interest payment dates are May 1 and Nov. 1 of each year, which are defined in the trust documents to be the same as the floater receipts interest...

Summary