Fitch Rates Tender Option Bond Series 2015-ZM0121 Trust

NEW YORK--()--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.

RATING SENSITIVITIES

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

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=995900

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=995900

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst:
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Linda Friedman
Senior Director
+1-212-908-0727
or
Committee Chairperson:
Joseph Staffa
Senior Director
+1-212-908-0829
or
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst:
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Linda Friedman
Senior Director
+1-212-908-0727
or
Committee Chairperson:
Joseph Staffa
Senior Director
+1-212-908-0829
or
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com