S&P: FMSbonds Inc. Series 2016-XF0124 Bond Rating Lowered To 'AA-/A-1' And 'AA-'
This action follows S&P Global Ratings' June 3,2016, lowering of its rating on the underlying bonds.(Please see the article titled, "Cook County, IL GO Rating Lowered To 'AA-' On Low Probability Of Rebuilding Reserves To Adopted Level Within Two Years," published June 3, 2016 , on RatingsDirect.)
The long-term component of the ratings on the floaters and the ratings on the residuals reflects the ratings on the underlying bonds and reflects our opinion of the likelihood that bondholders will receive interest and principal payments when due if they do not exercise their put option.
The short-term components of the ratings are based solely on the short-term rating on JPMorgan Chase Bank N. A. and reflect our opinion of the likelihood that bondholders will receive interest and principal payments if they do exercise their put option.
Changes to the ratings on these bonds could result from, among other things, changes to the ratings on the underlying bonds or support provider, the expiration or termination of the support agreements, or amendments to the transactions' terms.