Fitch Rates Tender Option Bond Series 2015-XF0113 and 2015-XF0115 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-XF0113 'AAA/F1'; Stable Outlook; --Residual Receipts series 2015-XF0113 'AAA'; Stable Outlook;

--Floater Receipts series 2015-XF0115 'A/F1'; Stable Outlook; --Residual Receipts series 2015-XF0115 'A'; Stable Outlook.

KEY RATING DRIVERS

The Long-term 'AAA'; Stable Outlook ratings assigned to the series 2015-XF0113 Floater Receipts and series 2015-XF0113 Residual Receipts are based on the ratings that Fitch has assigned to County of Ottawa, State of Michigan Ottawa County Water Supply System Bonds series 2007 (both rated 'AAA'; Stable Outlook by Fitch) that have been deposited in the series 2015-XF0113 trust.

The Long-term 'A'; Stable Outlook ratings assigned to the series 2015-XF0115 Floater Receipts and series 2015-XF0115 Residual Receipts are based on the ratings that Fitch has assigned to Indiana Bond Bank Fixed Rate Special Program Gas Revenue Bonds series 2007 A (rated 'A'; Stable Outlook) that have been deposited in the series 2015-XF0115 trust.

The short-term 'F1' rating assigned to all the Floater Receipts is based on the liquidity facilities provided by JPMorgan Chase Bank, N.A. (rated 'A+/F1'; Stable Outlook). The 'F1' rating assigned to the Floater Receipts will expire on Feb. 15, 2016, the expiration date of the liquidity facility, 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. 23, 2015);

--'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=862222

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=981198

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
Mario Civico
Senior Director
+1 212-908-0796
or
Committee Chairperson
Joseph Staffa
Senior Director
+1 212-908-0829
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
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
Mario Civico
Senior Director
+1 212-908-0796
or
Committee Chairperson
Joseph Staffa
Senior Director
+1 212-908-0829
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com