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Fitch Affirms New Hampshire Health and Education Facilities Authority Series 2011

NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms the long- and short-term ratings of New Hampshire Health and Education Facilities Authority adjustable rate education loan revenue bonds series 2011 (NHHEFA series 2011).

The ratings will expire upon the earliest of: (a) Oct. 15, 2015, the initial stated expiration date of the LOCs, unless such date is extended; (b) conversion to an alternate mode; (c) any prior termination of the LOCs; and (d) defeasance of the bonds.

Key Rating Drivers:

Fully supported LOC: The ratings are based on the support provided by a direct-pay letter of credit (LOC) issued by Royal Bank of Canada (RBC). RBC is obligated to make payments of principal of and interest on the bonds upon maturity, acceleration and redemption, as well as for the purchase price of tendered bonds. The current rating of Royal Bank of Canada is 'AA/F1+'; Outlook Stable.

Rating Sensitivity:

The ratings sensitivity below is for RBC and is applicable to NHHEFA series 2011 due to the direct linkage with the ratings of RBC.

Ratings at Top of Global Bank Universe: Fitch notes that RBC's ratings are at the top of its global bank universe. Thus, Fitch believes there is very little, if any, upside to the current ratings.

Risks to Ratings: Fitch believes that the main risk to RBC's ratings are related to risks from asset quality deterioration in its consumer portfolio, which includes credit cards, personal loans, auto loans and residential mortgages in Canada. To the extent that there is credit deterioration in these portfolios, there are likely other economic pressures at play globally and in the Canadian economy, which could further pressure RBC's ratings or Rating Outlook

Fitch has taken the following rating actions:

New Hampshire Health and Education Facilities Authority Series 2011

--2011A notes affirmed at 'AAsf/F1+'; Outlook Stable;

--2011B notes affirmed at 'AAsf/F1+'; Outlook Stable.

Additional information is available at 'www.fitchratings.com'

Applicable Criteria and Related Research:

--'Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper' dated June 2, 2014;

--'Global Structured Finance Rating Criteria' dated May 20, 2014;

--'Royal Bank of Canada Update', dated May 20, 2014.

Applicable Criteria and Related Research:

Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749431

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Royal Bank of Canada

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748755

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=837208

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
Nicole Edwards, +1-212-908-9114
Director
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Committee Chairperson
Tracy Wan, +1-212-908-9171
Senior Director
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com