NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns the following ratings to the Floater Certificates and Residual Certificates of the Tender Option Bond Trust series listed below:
--Floater Certificates, Series 2015-XM0050 - 'AA+/F1', Stable Outlook; Residual Certificates, Series 2015-XM0050 -'AA+', Stable Outlook;
--Floater Certificates, Series 2015-XM0051 - 'AAA/F1', Stable Outlook; Residual Certificates, Series 2015-XM0051 -'AAA', Stable Outlook;
--Floater Certificates, Series 2015-XM0052 - 'AAA/F1', Stable Outlook; Residual Certificates, Series 2015-XM0052 -'AAA', Stable Outlook;
--Floater Certificates, Series 2015-XM0054 - 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XM0054 -'AA-', Stable Outlook;
--Floater Certificates, Series 2015-XM0055 - 'AA/F1', Stable Outlook; Residual Certificates, Series 2015-XM0055 -'AA', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA+', Stable Outlook ratings assigned to the series 2015-XM0050 Floater Certificates and series 2015-XM0050 Residual Certificates are based on the ratings that Fitch has assigned to Illinois Finance Authority Revenue Bonds, the University of Chicago, Series 2013A, term bonds (rated 'AA+', Stable Outlook) that have been deposited in the series 2015-XM0050 trust.
The long-term 'AAA', Stable Outlook ratings assigned to the series 2015-XM0051 Floater Certificates and series 2015-XM0051 Residual Certificates are based on the ratings that Fitch has assigned to California Educational Facilities Authority Revenue Bonds (Stanford University), term bonds (rated 'AAA', Stable Outlook) that have been deposited in the series 2015-XM0051 trust.
The long-term 'AAA', Stable Outlook ratings assigned to the series 2015-XM0052 Floater Certificates and series 2015-XM0052 Residual Certificates are based on the ratings that Fitch has assigned to New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds, Fiscal 2013 Series I, term bonds (rated 'AAA', Stable Outlook) that have been deposited in the series 2015-XM0052 trust.
The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XM0054 Floater Certificates and series 2015-XM0054 Residual Certificates are based on the ratings that Fitch has assigned to Colorado Health Facilities Authority Revenue Bonds, Series 2013A (SCL Health System), term bonds (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XM0054 trust.
The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XM0055 Floater Certificates and series 2015-XM0055 Residual Certificates are based on the ratings that Fitch has assigned to Department of Water and Power of the City of Los Angeles Water System Revenue Bonds, 2012 Series B, term bonds (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XM0055 trust.
The short-term 'F1' rating assigned to the Floater Certificates is based on the liquidity facilities provided by Citibank, N.A. (rated 'A+/F1', Stable Outlook) in the form of five separate shortfall liquidity swap agreements. The 'F1' rating assigned to the Floater Certificates will expire on June 1, 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 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 Certificates and Residual Certificates 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
Guidelines for Rating Tender Option Bonds (pub. 10 Apr 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864040
U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862222
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=986969
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986969
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
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