NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns the following ratings to the Floater Certificates and Residual Certificates of the Tender Option Bond Trust series listed below:
--Floater Certificates, Series 2016-XX1002 'AA+/F1', Stable Outlook; Residual Certificates, Series 2016-XX1002 'AA+', Stable Outlook;
--Floater Certificates, Series 2016-XX1008 'AA+/F1', Stable Outlook; Residual Certificates, Series 2016-XX1008 'AA+', Stable Outlook;
--Floater Certificates, Series 2016-XX1011 'AA/F1', Negative Outlook; Residual Certificates, Series 2016-XX1011 'AA', Negative Outlook;
--Floater Certificates, Series 2016-XX1013 'AA-/F1', Positive Outlook; Residual Certificates, Series 2016-XX1013 'AA-', Positive Outlook.
KEY RATING DRIVERS
The long-term 'AA+', Stable Outlook ratings assigned to the series 2016-XX1002 Floater and Residual Certificates and are based on the rating that Fitch has assigned to Massachusetts Water Resources Authority General Revenue Refunding Bonds, 2011 Series (rated 'AA+', Stable Outlook) that have been deposited in the series 2016-XX1002 trust.
The long-term 'AA+', Stable Outlook ratings assigned to the series 2016-XX1008 Floater and Residual Certificates and are based on the rating that Fitch has assigned to Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2011 Series B (rated 'AA+', Stable Outlook) that have been deposited in the series 2016-XX1008 trust.
The long-term 'AA', Negative Outlook ratings assigned to the series 2016-XX1011 Floater and Residual Certificates and are based on the rating that Fitch has assigned to Forest Preserve District of Cook County, Illinois General Obligation Limited Tax Project and Refunding Bonds, Series 2012B (rated 'AA', Negative Outlook) that have been deposited in the series 2016-XX1011 trust.
The long-term 'AA-', Positive Outlook ratings assigned to the series 2016-XX1013 Floater and Residual Certificates and are based on the rating that Fitch has assigned to Southern California Public Power Authority (a public entity organized under the laws of the State of California) Milford Wind Corridor Phase II Project, Revenue Bonds, 2011-1 (rated 'AA', Positive Outlook) that have been deposited in the series 2016-XX1013 trust.
The short-term 'F1' ratings assigned to the Floater Certificates are based on the liquidity facilities provided by Barclays Bank PLC (rated 'A/F1', Stable Outlook) in the form of four separate liquidity and loan agreements, which have a stated expiration date of April 1, 2017, unless such date is extended or earlier terminated.
RATING SENSITIVITIES
The short-term rating assigned to the Floater Certificates 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 ratings assigned to the Floater and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such rating.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria
Criteria for Rating Tender Option Bonds (pub. 07 Apr 2016)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879516
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=1004330
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1004330
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.