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,
