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'.
Applicable Criteria and Related Research:
--'Rating Guidelines for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support'(Jan. 27, 2014);
--'Guidelines for Rating Tender Option Bonds' (May 9, 2013).
Applicable Criteria and Related Research: Fitch Takes Various Rating Actions on TOBs
Guidelines for Rating Tender Option Bonds
Rating Guidelines for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support