Summary: Tender Option Bond Series 2015-XF-0077 Issued By fmsbonds Inc. New York State; Residual Certificates; Tender Option Certificates/Bonds

Standard&Poor's Ratings Services assigned its 'AA/A-1' and 'AA' ratings to fmsbonds Inc.'s tender option bond series 2014-XF-0077 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, relating to Metropolitan Transportation Authority's (New York State) insured series 2002A state service contract refunding bonds. Assured Guaranty Municipal Corp. (AGM) insures the receipts. The outlook is stable. The long-term component of the ratings on the floaters and residuals is based on the rating on the AGM-insured underlying bonds (CUSIP#: 5925974X3). The short-term component of the rating on the floaters is based on a liquidity agreement from JPMorgan Chase Bank N.A. (A-1). The liquidity agreement provides for payment of the purchase price of tendered floaters by making a loan to

...Standard & Poor's Ratings Services assigned its '##/A-1' and '##' ratings to fmsbonds Inc.'s tender option bond series 2014-XF-0077 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, relating to Metropolitan Transportation Authority's (New York State) insured series 2002A state service contract refunding bonds. Assured Guaranty Municipal Corp. (AGM) insures the receipts. The outlook is stable. The long-term component of the ratings on the floaters and residuals is based on the rating on the AGM-insured underlying bonds (CUSIP#: 5925974X3). The short-term component of the rating on the floaters is based on a liquidity agreement from JPMorgan Chase Bank N.A. (A-1). The liquidity agreement provides for payment of the purchase price of tendered floaters by making a loan to the trust in an amount equaling the principal amount and a maximum of 185 days' interest at the bond rate on unremarketed floaters bearing interest in the daily...

Summary