NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns the following ratings to the Floater Certificates, Residual Certificates, Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) of the Tender Option Bond Trust series listed below:
--Floater Certificates, Series 2015-ZM0118 - 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-ZM0118 -'AA-', Stable Outlook;
--Floater Receipts, Series 2015- ZM0120 - 'AA-/F1+', Stable Outlook; Residual Receipts, Series 2015- ZM0120 -'AA-', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA-', Stable Outlook ratings assigned to the Floater and Residual Certificates and Floater and Residual Receipts are based on the rating that Fitch has assigned to The Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds, 2015 Series B (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-ZM0118 and series 2015-ZM0120 trusts.
The short-term 'F1' rating assigned to the series 2015-ZM0118 Floater Certificates is based on the liquidity facility provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Stable Outlook), which has a stated expiration date of Dec. 15, 2016, unless such date is extended or earlier terminated.
The short-term 'F1+' rating assigned to the series 2015-ZM0120 Floater Receipts is based on the liquidity facility provided by Royal Bank of Canada (rated 'AA/F1+', Stable Outlook), which has a stated expiration date of Dec. 15, 2016, unless such date is extended or earlier terminated.
The short-term ratings assigned to the Floater Receipts and Floater Certificates reflects the short-term ratings that Fitch maintains on the banks providing liquidity support and will be adjusted upward or downward in conjunction with the short-term ratings of the banks, and, in some cases, the long-term ratings of the underlying bonds deposited in the trusts. The long-term ratings assigned to the Floater and Residual Receipts and Floater and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to those ratings.
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