Summary: Tender Option Bond Series 2015-ZF2164 Issued By FMSbonds Inc. Sutter Health; 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-ZF2164 trust puttable floating-rate certificates (floaters) and inverse floating-rate certificates (residuals), respectively, relating to California Health Facilities Financing Authority's series 2015 refunding bonds (term bonds) issued for Sutter Health. The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the underlying bonds (CUSIP#: 13032UAR9). The short-term component of the rating on the floaters reflects a liquidity agreement from Morgan Stanley Bank N.A. (A-1). This trust is issued under the common document initiative using net liquidity. For this transaction, FMSbonds Inc. is the trustor and trust administrator, and Morgan Stanley Bank N.A. is the

...Standard & Poor's Ratings Services assigned its '##-/A-1' and '##-' ratings to FMSbonds Inc.'s tender option bond series 2015-ZF2164 trust puttable floating-rate certificates (floaters) and inverse floating-rate certificates (residuals), respectively, relating to California Health Facilities Financing Authority's series 2015 refunding bonds (term bonds) issued for Sutter Health. The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the underlying bonds (CUSIP#: 13032UAR9). The short-term component of the rating on the floaters reflects a liquidity agreement from Morgan Stanley Bank N.A. (A-1). This trust is issued under the common document initiative using net liquidity. For this transaction, FMSbonds Inc. is the trustor and trust administrator, and Morgan Stanley Bank N.A. is the liquidity provider. For this trust, FMSbonds Inc. deposited the underlying bonds into an individual trust and issued new floaters and residuals on Nov. 12,...

Summary