Various Long-Term Ratings Raised On 13 Different Tender-Option Bond Trust Issues

Stocks and Financial Services Press Releases Wednesday January 31, 2018 09:20
NEW YORK--31 Jan--S&P Global Ratings

NEW YORK (S&P Global Ratings) Jan. 30, 2018--S&P Global Ratings raised its various long-term rating components on 13 tender-option bond trust issues of Mesirow Financial Inc., FMSbonds Inc., Mesirow Municipal Funding, and Eagle Tax-Exempt Trust related to different underlying bonds.

This rating action follows S&P Global Ratings' rating action on the underlying bonds. S&P Global Ratings raised the long-term ratings on Jan. 17, 2018. (Please see the article, titled "Los Angeles Department of Water & Power Debt Upgraded To 'AA' From 'AA-' On Strong Debt Service And Fixed Cost Coverage," published Jan. 17, 2018, on RatingsDirect.)

The long-term component of the ratings on the floaters and the ratings on the residuals reflect the ratings 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 components of the ratings reflect the lower of our ratings on each issue's respective liquidity provider and the correlated short-term rating of the long-term rating on the underlying security. 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 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 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 for further information. Complete ratings information is available to subscribers of RatingsDirect at All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column.

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