Summary: Tender Option Bond Series 2015-XF2163 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 FMSbonds Inc.'s tender option bond series 2015-XF2163 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively (collectively "the receipts"), relating to Port Authority of New York&New Jersey's 194th series consolidated bonds. The long-term component of the rating on the floaters and the rating on the residuals are based on the rating on the underlying bonds (CUSIP#: 73358WZG2). The short-term component of the rating on the floaters reflects an enhancement in the form of a liquidity facility from Citibank N.A. (A-1). This trust is issued under the common document initiative using net liquidity. For these transactions, FMSbonds Inc. is both the trustor and trust administrator,

...Standard & Poor's Ratings Services assigned its '##-/A-1' and '##-' ratings to FMSbonds Inc.'s tender option bond series 2015-XF2163 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), respectively (collectively "the receipts"), relating to Port Authority of New York & New Jersey's 194th series consolidated bonds. The long-term component of the rating on the floaters and the rating on the residuals are based on the rating on the underlying bonds (CUSIP#: 73358WZG2). The short-term component of the rating on the floaters reflects an enhancement in the form of a liquidity facility from Citibank N.A. (A-1). This trust is issued under the common document initiative using net liquidity. For these transactions, FMSbonds Inc. is both the trustor and trust administrator, and Citibank N.A. is the liquidity provider. The liquidity agreement, in the form of a swap, provides for payment of the purchase price of tendered floaters by making a payment to the...

Summary