NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns a rating of 'F1' to the Series TNP-1011 puttable floating option taxable notes (Taxable P-FLOATs) of the Merrill Lynch Taxable P-FLOATs TNP-1000 Trust BOA.
KEY RATING DRIVERS
The rating assigned to the Taxable P-FLOATs is based on the liquidity facility provided by Bank of America, N.A. (rated 'A/F1', Negative Outlook) which covers purchase price for tendered Taxable P-FLOATs and interest payments when due on the Taxable P-FLOATs to the extent other sources of funds are unavailable. The Taxable P-FLOATs mature on June 15, 2015 which is the series trust termination date. On such date there will be a mandatory tender of the Taxable P-FLOATs which is payable by the Bank of America, N.A. liquidity facility. The liquidity facility is scheduled to expire on July 15, 2014. The rating will expire on the earlier of: July 15, 2014, the expiration date of the liquidity facility; or any prior termination of the liquidity facility.
RATING SENSITIVITIES
The short-term rating assigned to the Taxable P-FLOATs reflects the short-term rating that Fitch maintains on the bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the bank.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
'U.S. Municipal Structured Finance Criteria', Feb. 24, 2014;
'Guidelines for Rating Tender Option Bonds', May 9, 2013
Applicable Criteria and Related Research:
U.S. Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=736618
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=887094
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