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 2015-XM0103 'AA+/F1+', Stable Outlook;
--Residual Certificates, series 2015-XM0103 'AA+', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA+', Stable Outlook ratings assigned to the series 2015-XM0103 Floater Certificates and series 2015-XM0103 Residual Certificates are based on the ratings that Fitch has assigned to the Dormitory Authority of the State of New York state sales tax revenue bonds, series 2015B, term bonds (rated 'AA+', Stable Outlook) that have been deposited in the series 2015-XM0103 trust.
The short-term 'F1+' rating assigned to the Floater Certificates is based on the liquidity facility provided by Wells Fargo Bank, N.A. (rated 'AA/F1+', Stable Outlook), which has a stated expiration date of Oct. 15, 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 trust. The long-term rating assigned to the Floater Certificates and Residual Certificates 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'.
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