NEW YORK--(BUSINESS WIRE)--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-ZM0121 - 'AA+/F1+', Stable Outlook;
--Residual Receipts, Series 2015-ZM0121 -'AA+', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA+'/ Stable Outlook assigned to the series 2015-ZM0121 Floater Receipts and series 2015-ZM0121 Residual Receipts is based on the rating that Fitch has assigned to the State of Washington various purpose general obligation bonds, series 2015B (rated 'AA+'/ Stable Outlook) that have been deposited in the series 2015-ZM0121 trust.
The short-term 'F1+' rating assigned to the Floater Receipts is based on the liquidity facility provided by Royal Bank of Canada (rated 'AA/F1+'/ Stable Outlook), which has a stated expiration date of Dec. 1, 2016, unless such date is extended or earlier terminated.
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 rating assigned to the Floater Receipts and Residual Receipts is 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
Guidelines for Rating Tender Option Bonds (pub. 10 Apr 2015)
U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)
Dodd-Frank Rating Information Disclosure Form