NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned the following ratings to the Floater Certificates and Residual Certificates of the Tender Option Bond Trust series listed below:
--Floater Certificates Series 2015-YX1001 'AA/F1';
--Residual Certificates Series 2015-YX1001 'AA';
--Floater Certificates Series 2015-YX1002 'AA/F1';
--Residual Certificates Series 2015-YX1002 'AA';
KEY RATING DRIVERS
The Long-term 'AA'/Stable Outlook rating assigned to the series 2015-YX1001 Floater Certificates and series 2015-YX1001 Residual Certificates is based on the rating that Fitch has assigned to Department of Airports of the City of Los Angeles, California, Los Angeles International Airport Senior Revenue Bonds 2015 Series D ('AA'/Stable Outlook) that have been deposited in the series 2015-YX1001 trust.
The Long-term 'AA'/Stable Outlook rating assigned to the series 2015-YX1002 Floater Certificates and series 2015-YX1002 Residual Certificates is based on the rating that Fitch has assigned to State of Connecticut General Obligation Bonds 2015 Series F ('AA'/Stable Outlook) that have been deposited in the series 2015-YX1002 trust.
The short-term 'F1' rating assigned to the Floater Certificates is based on the liquidity facilities provided by Barclays Bank PLC ('A/F1'/Stable Outlook) in the form of two separate liquidity and loan agreements, which have a stated expiration date of Dec. 1, 2016, unless such date is extended or earlier terminated.
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 trusts. 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 the underlying bond 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