Fitch Rates RBC Municipal Products, LLC Trust, Series E-53

NEW YORK--()--Fitch Ratings assigns the following ratings to the RBC Municipal Floater Certificates (Floater Certificates), RBC Municipal Residual Certificates (Residual Certificates) and Trust Receipts of the RBC Municipal Products, LLC Trust series listed below:

--Floater Certificates series E-53 'AA/F1+', Stable Outlook;

--Residual Certificates series E-53 'AA', Stable Outlook;

--Trust Receipts series 2015-E-53 'AA'.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series E-53 Floater and Residual Certificates and Trust Receipts are based on the higher of the rating that Fitch has assigned to the irrevocable direct-pay letter of credit (LOC) issued by Royal Bank of Canada, acting through a New York branch (RBC, rated 'AA/F1+', Stable Outlook) securing the Trust Receipts deposited in the trust and the rating that Fitch has assigned to the Allegheny County Hospital Development Authority University of Pittsburgh Medical Center Revenue Bonds, Subseries 2007-B2 (rated 'AA-', Negative Outlook) and Allegheny County Hospital Development Authority University of Pittsburgh Medical Center Revenue Notes, Series 2008 (rated 'AA-', Negative Outlook) deposited with the CE Trustee.

The short-term 'F1+' rating is based on the liquidity facility provided by RBC. The initial rate mode for the floater certificates will be the SIFMA Term Mode which expires on July 1, 2015. Floater Certificate holders may not optionally tender their bonds in a term mode that is greater than 30 days in length and therefore the short-term rating assigned to the floaters will only reflect the liquidity bank's obligation to fund the payment of purchase price for unremarketed floaters following a mandatory tender.

The 'AA' credit enhanced ratings assigned to the Floater and Residual Certificates and Trust Receipts will expire on Dec. 1, 2018, the expiration date of the LOC, unless such date is extended or earlier terminated.

The 'F1+' rating assigned to the Floater Certificates will expire on Dec. 1, 2018, 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 Certificates 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 and Residual Certificates and Trust Receipts are tied to the long-term rating assigned to the creditworthiness of the underlying bond deposited in the trust and the long-term rating that Fitch maintains on the bank providing credit enhancement. Changes to one or both of these ratings may affect the long-term rating assigned to the bonds.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Criteria', Feb. 24, 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=982266

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Contacts

Fitch Ratings
Primary Analyst:
Richard Park, +1-212-908-0289
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Linda Friedman, +1-212-908-0727
Senior Director
or
Committee Chairperson:
Joseph Staffa, +1-212-908-0829
Senior Director
Additional information is available at 'www.fitchratings.com'.
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst:
Richard Park, +1-212-908-0289
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Linda Friedman, +1-212-908-0727
Senior Director
or
Committee Chairperson:
Joseph Staffa, +1-212-908-0829
Senior Director
Additional information is available at 'www.fitchratings.com'.
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
elizabeth.fogerty@fitchratings.com