NEW YORK--(BUSINESS WIRE)--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-61 - 'F1+/F1+'; Residual Certificates, Series E-61 - 'F1+'; Trust Receipts, Series 2015-E61 - 'F1+'.
KEY RATING DRIVERS
The 'F1+/F1+' rating assigned to the Floater Certificates is based on 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+', Outlook Stable) securing the Trust Receipts deposited in the trust and the liquidity facility provided by RBC for the Floater Receipts. The 'F1+' rating assigned to the Residual Certificates and Trust Receipts is based solely on the rating assigned by Fitch to the LOC issued by RBC.
The initial rate mode for the floater certificates will be the SIFMA Term Mode which expires on Oct. 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 'F1+/F1+' rating assigned to the Floater Certificates will expire on July 1, 2016, the expiration date of the LOC and the liquidity facility, unless such date is extended or earlier terminated.
The 'F1+' ratings assigned to the Residual Certificates and Trust Receipts will expire on July 1, 2016, the expiration date of the LOC, unless such date is extended or earlier terminated.
RATING SENSITIVITIES
The rating is exclusively tied to the short- and long-term rating that Fitch maintains on the bank providing the LOC and liquidity facility 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=987457
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=987457
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
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