FMSbonds Inc. And Mesirow Financial Inc. Various Ratings Reinstated For Several Tender-Option Bond Series

NEW YORK (S&P Global Ratings) Jan. 29, 2019--S&P Global Ratings corrected by 
reinstating its 'AA-' rating on FMSbonds Inc.'s tender-option bond series 
2015-XF2025 trust residual certificates, related to Port Authority of New York 
& New Jersey's 166th series consolidated terminal bonds. 

S&P Global Ratings also corrected by reinstating its 'AA-' rating on FMSbonds 
Inc.'s tender-option bond series 2015-XF0237 trust residual certificates, 
related to Port Authority of New York & New Jersey's 163rd series consolidated 
terminal bonds. 

In addition, S&P Global Ratings corrected by reinstating its 'AA-/A-1' and 
'AA-' ratings on Mesirow Financial Inc.'s tender-option bond series 
2016-ZM0154 trust floater and residual certificates, respectively, related to 
San Francisco City & County Public Utilities Commission, Calif.'s series 2009B 
revenue and terminal bonds.

The correction is due to an administrative error that caused the ratings to be 
withdrawn because of an incorrectly updated maturity date.

The long-term component of the rating on the floaters, with respect to series 
2016-ZM0154, reflects the ratings on the underlying securities and addresses 
full and timely interest and principal payments when receipt holders have not 
exercised the put option. The long-term rating on the residuals reflects the 
rating on the respective underlying securities.

The short-term component of the rating on the floaters, with respect to series 
2016-ZM0154, reflects the lower of the rating on the respective liquidity 
provider and the short-term equivalent of the rating on the respective 
underlying securities. The short-term rating addresses full and timely 
interest and principal payments when receipt holders exercise the put option.
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