NEW YORK--(BUSINESS WIRE)--Fitch Ratings has taken various conforming rating actions on tender option bonds (TOBs) corresponding to actions taken on their associated enhancement providers or underlying bonds.
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'. 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);
--'Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support'(Feb. 1, 2012);
--'Rating Guidelines for Commercial Paper Note Programs Issued with External Support' (March 19, 2012);
--'Guidelines for Rating Tender Option Bond Securities' (May 10, 2012).
Applicable Criteria and Related Research: Fitch Takes Various Rating Actions on TOBs
U.S. Municipal Structured Finance Criteria
Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support
Rating Guidelines for Commercial Paper Note Programs Issued with External Support
Guidelines for Rating Tender Option Bonds