Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs
March 27 2015 - 1:25PM
Business Wire
Fitch Ratings has taken various conforming rating actions on
enhanced municipal bonds and tender option bonds (TOBs)
corresponding to actions taken on their associated enhancement
providers or underlying bonds.
Long-term ratings on enhanced municipal bonds may be higher than
those of their enhancement providers as discussed in Fitch's
'Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported
U.S. Public Finance Bonds', dated March 8, 2013.
Short-term ratings on enhanced municipal bonds may be lower than
those of their liquidity providers, as discussed in Fitch's 'Rating
Guidelines for Variable-Rate Demand Obligations Issued with
External Liquidity Support', dated Jan. 22, 2015.
Long-term ratings assigned to TOBs are the higher of the ratings
assigned by Fitch to the applicable enhancement providers
supporting the bonds and the ratings assigned by Fitch to the
underlying bonds deposited in the issuing trust. Short-term ratings
on TOBs, if assigned, are based on ratings assigned by Fitch to
their liquidity providers, with consideration given to the TOBs'
long-term ratings.
Please see the corresponding spreadsheet for a full list of
rating actions.
Additional information is available at
'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'U.S. Municipal Structured Finance Rating Criteria' (Feb. 23,
2015)
--'Rating Guidelines for Letter of Credit-Supported Bonds and
Commercial Paper' (June 2, 2014);
--'Rating Guidelines for Variable-Rate Demand Obligations and
Commercial Paper Issued with External Liquidity Support' (Jan. 22,
2015);
--'Dual-Party Pay Criteria For Long-Term Ratings on
LOC-Supported U.S. Public Finance Bonds' (March 8, 2013);
--'Guidelines for Rating Tender Option Bonds' (May 9, 2013).
Applicable Criteria and Related Research: Fitch Takes Various
Rating Actions on Enhanced U.S. Municipal Bonds and TOBs
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864198
U.S. Municipal Structured Finance Rating Criteria - Effective
Apr. 25, 2011 to Feb. 28, 2012
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129
Rating Guidelines for Letter of Credit-Supported Bonds and
Commercial Paper
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749431
Rating Guidelines for Variable-Rate Demand Obligations and
Commercial Paper Issued with External Liquidity Support
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=856189
Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported
U.S. Public Finance Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701572
Guidelines for Rating Tender Option Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982055
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY
FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION,
RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM
THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY,
CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER
RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE
OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD
PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD
ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE
ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
Fitch RatingsPrimary AnalystJeff SchaubManaging Director+1
212-908-0680Fitch Ratings, Inc.33 Whitehall StreetNew York, NY
10004orSecondary AnalystFerona LeonardSenior Director+1
212-908-0541orMedia Relations:Elizabeth Fogerty, +1
212-908-0526elizabeth.fogerty@fitchratings.com