NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms the following ratings assigned to the class A and class B certificates of the Eagle Tax-Exempt Trust series listed below:
--Series 20140003 class A certificates 'AA+/F1', Stable Outlook; class B certificates 'AA+', Stable Outlook;
--Series 20140040 class A certificates 'AA/F1', Stable Outlook; class B certificates 'AA', Stable Outlook;
--Series 20140041 class A certificates 'AA/F1', Stable Outlook; class B certificates 'AA', Stable Outlook;
KEY RATING DRIVERS
The affirmation of the long and short-term ratings is in connection with the amendment and restatement of certain trust documents in order to confirm that the trusts will not be required to register as investment companies under the Investment Company Act of 1940, as amended, based on the exemption available under Rule 3a-7 of the Investment Company Act of 1940, as amended.
The long-term 'AA+', Stable Outlook ratings assigned to the series 20140003 class A and class B certificates continues to be based on the rating that Fitch has assigned to Massachusetts School Building Authority senior dedicated sales tax bonds 2013 series A (rated 'AA+', Stable Outlook) that have been deposited in the series 20140003 trust.
The long-term 'AA', Stable Outlook ratings assigned to the series 20140040 class A and class B certificates continues to be based on the rating that Fitch has assigned to District of Columbia Water And Sewer Public Utility revenue bonds, series 1998 (rated 'AA', Stable Outlook) that have been deposited in the series 20140040 trust.
The long-term 'AA', Stable Outlook ratings assigned to the series 20140041 class A and class B certificates continues to be based on the rating that Fitch has assigned to New York City Transitional Finance Authority building aid revenue bonds, fiscal 2007 series S-1 (rated 'AA', Stable Outlook) that have been deposited in the series 20140041 trust.
The short-term 'F1' rating assigned to the class A certificates is based on the tender option provided by Citibank, N.A. (rated 'A+/F1', Stable Outlook) as tender option provider. The 'F1' rating assigned to the class A certificates will expire on April 1, 2016, the scheduled expiration date of the obligations of tender option provider to make payments upon optional and mandatory tender, unless such date is extended or earlier terminated.
RATING SENSITIVITIES
The short-term rating assigned to the class A certificates reflects the short-term rating that Fitch maintains on the tender option provider and will be adjusted upward or downward in conjunction with the short-term rating of the tender option provider, and, in some cases, the long-term ratings of the underlying bonds deposited in the trusts. The long-term ratings assigned to the class A certificates and class B certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to such ratings.
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=988126
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988126
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
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