Summary: Tender Option Bond Series 2015-XF-0140 Issued By fmsbonds Inc. North Carolina; Residual Certificates; Tender Option Certificates/Bonds

Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to fmsbonds Inc.'s tender option bond series 2015-XF-0140 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, relating to North Carolina's series 2015A general obligation bonds. The long-term component of the ratings on the floaters and residuals is based on the rating on the underlying bonds. 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 223 days' interest at the bond rate on unremarketed

...Standard & Poor's Ratings Services assigned its '###/A-1' and '###' ratings to fmsbonds Inc.'s tender option bond series 2015-XF-0140 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively, relating to North Carolina's series 2015A general obligation bonds. The long-term component of the ratings on the floaters and residuals is based on the rating on the underlying bonds. 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 223 days' interest at the bond rate on unremarketed floaters bearing interest in the daily or weekly rate modes. The liquidity agreement is due to expire on April 15, 2016, unless extended or terminated beforehand pursuant to its terms. At such time, if the liquidity...

Summary