Fitch Rates Wells Fargo Stage Trust, Series 2012-89C and 2012-90C Floater & Residual Ctfs

NEW YORK--()--Fitch Ratings assigns the following ratings to the floater certificates and residual certificates of the Wells Fargo Stage Trust series listed below:

--Series 2012-89C: floaters--'AA-/F1+', Stable Outlook; residuals--'AA-', Stable Outlook;

--Series 2012-90C: floaters--'AA-/F1+', Stable Outlook; residuals--'AA-', Stable Outlook.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2012-89C floaters and residuals are based on the higher of the rating that Fitch has assigned to the South Carolina Transportation Infrastructure Bank, Revenue Refunding Bonds, Series 2012B (rated 'A', Stable Outlook) that have been deposited in the Trust and the rating that Fitch has assigned to the custodial level credit enhancement in the form of a swap agreement provided by Wells Fargo Bank, N.A. (rated 'AA-/F1+', Stable Outlook) securing the Custodial Receipts deposited in the Trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2012-90C floaters and residuals are based on the higher of the rating that Fitch has assigned to the Arizona Health Facilities Authority, Revenue Bonds (Banner Health) Series 2012A (rated 'AA-', Stable Outlook) that have been deposited in the Trust and the rating that Fitch has assigned to the custodial level credit enhancement in the form of a swap agreement provided by Wells Fargo Bank, N.A. securing the Custodial Receipts deposited in the Trust.

The 'F1+' short-term ratings assigned to the 2012-89C and 2012-90C floaters are based on the liquidity facilities provided by Wells Fargo Bank, N.A. The short-term ratings will expire on Oct. 15, 2013, the expiration date of the liquidity facilities, unless such dates are extended or earlier terminated.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Criteria', Feb. 28, 2012;

--'Guidelines for Rating Tender Option Bonds', May 10, 2012.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678533

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Contacts

Fitch Ratings
Primary Analyst:
Richard Park
Associate Director
+1-312-606-2337
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Trudy Zibit
Managing Director
+1-312-606-2337
or
Committee Chairperson:
Joseph Staffa
Senior Director
+1-312-606-2337
or
Media Relations:
Elizabeth Fogerty
+1-212-908-0526
elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst:
Richard Park
Associate Director
+1-312-606-2337
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Trudy Zibit
Managing Director
+1-312-606-2337
or
Committee Chairperson:
Joseph Staffa
Senior Director
+1-312-606-2337
or
Media Relations:
Elizabeth Fogerty
+1-212-908-0526
elizabeth.fogerty@fitchratings.com