NEW YORK--(BUSINESS WIRE)--Fitch Ratings a 'AA/F1', Stable Outlook rating and a 'AA', Stable Outlook rating to the class A and class B certificates series 20160003 to 20160007 issued by the Eagle Tax-Exempt Trusts.
KEY RATING DRIVERS
The long-term 'AA', Stable Outlook ratings assigned to the class A and class B certificates are based on the rating that Fitch has assigned to the Regional Transportation District (Colorado) Sales Tax Revenue Refunding Bonds (FasTracks Project), Series 2007A (rated 'AA', Stable Outlook) that have been deposited in the trusts.
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 stated expiration date of the tender option provided by Citibank as tender option provider for the class A certificates is Sept. 1, 2017, unless such date is extended or earlier terminated.
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 rating of the underlying bonds deposited in the trusts. The long-term rating 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 rating.
Additional information is available at 'www.fitchratings.com'.
Criteria for Rating Tender Option Bonds (pub. 07 Apr 2016)
U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)
Dodd-Frank Rating Information Disclosure Form