Fitch Rates Various Tender Option Bond Series Trusts

NEW YORK--()--Fitch Ratings assigns the following ratings to the Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) of the Tender Option Bond Trust series listed below:

--Floater Receipts, Series 2015-XF0034 - 'AA/F1+', Stable Outlook; Residual Receipts, Series 2015-XF0034 -'AA', Stable Outlook;

--Floater Receipts, Series 2015-XF0042 - 'A+/F1', Stable Outlook; Residual Receipts, Series 2015-XF0042 -'A+', Stable Outlook;

--Floater Receipts, Series 2015-XF0043 - 'AA/F1', Stable Outlook; Residual Receipts, Series 2015-XF0043 -'AA', Stable Outlook;

--Floater Receipts, Series 2015-XF0044 - 'AA-/F1', Stable Outlook; Residual Receipts, Series 2015-XF0044 -'AA-', Stable Outlook;

--Floater Receipts, Series 2015-XF0058 - 'AA-/F1', Stable Outlook; Residual Receipts, Series 2015-XF0058 -'AA-', Stable Outlook;

--Floater Receipts, Series 2015-XF0062 - 'AA-/F1', Stable Outlook; Residual Receipts, Series 2015-XF0062 -'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XF0034 Floater Receipts and series 2015-XF0034 Residual Receipts are based on the ratings that Fitch has assigned to North Central Texas Health Facilities Development Corporation Hospital Revenue Bonds (Children's Medical Center of Dallas Project) Series 2009 (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XF0034 trust.

The long-term 'A+', Stable Outlook ratings assigned to the series 2015-XF0042 Floater Receipts and series 2015-XF0042 Residual Receipts are based on the ratings that Fitch has assigned to Washington Healthcare Facilities Authority Revenue Bonds, Series 2009 (PeaceHealth) (rated 'A+', Stable Outlook) that have been deposited in the series 2015-XF0042 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XF0043 Floater Receipts and series 2015-XF0043 Residual Receipts are based on the ratings that Fitch has assigned to Washington Health Care Facilities Authority Revenue Bonds, Series 2009 (Seattle Children's Hospital) (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XF0043 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF0044 Floater Receipts and series 2015-XF0044 Residual Receipts are based on the ratings that Fitch has assigned to Michigan State Hospital Finance Authority Revenue Bonds (McLaren Health Care), Series 2005C (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF0044 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF0058 Floater Receipts and series 2015-XF0058 Residual Receipts are based on the ratings that Fitch has assigned to California Health Facilities Financing Authority Revenue Bonds (Sutter Health), Series 2007A (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF0058 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF0062 Floater Receipts and series 2015-XF0062 Residual Receipts are based on the ratings that Fitch has assigned to City of Jacksonville, Florida Special Revenue Bonds, Series 2011A (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF0062 trust.

The short-term 'F1+' rating assigned to the series 2015-XF0034 Floater Receipts is based on the liquidity facility provided by Toronto-Dominion Bank, acting through its New York Branch (rated 'AA-/F1+', Stable Outlook). The short-term 'F1' rating assigned to the series 2015-XF0042, 2015-XF0043, 2015-XF0044, 2015-XF0058 and 2015-XF0062 Floater Receipts is based on the liquidity facilities provided by JPMorgan Chase Bank, N.A. (rated 'A+/F1', Stable Outlook). The short-term ratings assigned to the Floater Receipts will expire on January 15, 2016, the expiration date of the liquidity facilities, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Floater Receipts 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, and, in some cases, the long-term rating of the underlying bonds deposited in the trust. The long-term ratings assigned to the Floater Receipts and Residual Receipts are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.

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=976035

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.

Contacts

Fitch Ratings
Primary Analyst:
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Trudy Zibit
Managing Director
+1-212-908-0689
or
Committee Chairperson:
Linda Friedman
Senior Director
+1-212-908-0727
or
Media Relations
Elizabeth Fogerty, +1 212-908-0526
New York
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst:
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Trudy Zibit
Managing Director
+1-212-908-0689
or
Committee Chairperson:
Linda Friedman
Senior Director
+1-212-908-0727
or
Media Relations
Elizabeth Fogerty, +1 212-908-0526
New York
elizabeth.fogerty@fitchratings.com