FMSbonds Inc. Series 2016-XF2278 Receipt Ratings Raised To #AA+/A-1#, #AA+#

Stocks and Financial Services Press Releases Thursday May 17, 2018 09:21
NEW YORK--17 May--S&P Global Ratings

NEW YORK (S&P Global Ratings) May 16, 2018--S&P Global Ratings raised its long-term rating components on FMSbonds Inc.'s tender-option bond series 2016-XF2278 trust puttable floating-rate receipts (floaters) and inverse floating-rate receipts (residuals), related to San Jose-Evergreen Community College District, Calif.'s Election of 2010 series A general obligation bonds, to 'AA+/A-1' and 'AA+' from 'AA/A-1' and 'AA', respectively.

This rating action follows S&P Global Ratings' action on the underlying bonds. S&P Global Ratings raised the rating on the underlying bonds on April 26, 2018. (Please see the article, titled "San Jose-Evergreen Community College District, CA GO Rating Raised To 'AA+' On Strong Financial Position," published April 26, 2018, on RatingsDirect.) The long-term component of the rating on the floaters and the rating on the residuals reflect the rating on the underlying bonds, as well as our expectation of the likelihood of bondholders receiving interest and principal payments when due if they do not exercise their put option.

The short-term component of the rating on the floaters reflects the lower of our rating on the liquidity provider, Citibank N.A., and the correlated short-term rating of the long-term rating on the underlying bonds. The short-term rating reflects our opinion of the likelihood of bondholders receiving interest and principal payments if they exercise their put option. Changes to the rating on these receipts could result from, among other things, changes to the rating on the underlying bonds or support provider, the expiration or termination of support agreements, or the amendments to transaction terms.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.

Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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