Fitch Rates Tender Option Bond Series 2015-ZF0263 and 2015-ZF0267 Trusts

NEW YORK--()--Fitch Ratings assigns the following ratings to the Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) of the Tender Option Bond Trust series listed below:

--Floater Receipts, Series 2015-ZF0263 'AA-/F1+', Stable Outlook; Residual Receipts, Series 2015-ZF0263 'AA-', Stable Outlook;

--Floater Receipts, Series 2015- ZF0267 'AA/F1+', Stable Outlook; Residual Receipts, Series 2015-ZF0267 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-ZF0263 Floater Receipts and series 2015-ZF0263 Residual Receipts are based on the ratings that Fitch has assigned to Dormitory Authority of the State of New York lease revenue bonds (State University Dormitory Facilities Issue), Series 2011A (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-ZF0263 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-ZF0267 Floater Receipts and series 2015-ZF0267 Residual Receipts are based on the ratings that Fitch has assigned to State of Louisiana general obligation bonds, series 2012-A (rated 'AA', Stable Outlook) that have been deposited in the series 2015-ZF0263 trust.

The short-term 'F1+' ratings assigned to both series of Floater Receipts are based on the liquidity facilities provided by The Toronto-Dominion Bank, acting through its New York Branch (rated 'AA-/F1+', Stable Outlook), which have a stated expiration date of Dec. 15, 2016, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings assigned to the Floater Receipts reflect 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 ratings assigned to the Floater Receipts and Residual Receipts are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to those ratings.

Additional information is available at www.fitchratings.com

Applicable Criteria

Guidelines for Rating Tender Option Bonds (pub. 10 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864040

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=996914

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=996914

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.

Contacts

Fitch Ratings
Primary Analyst:
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Mario Civico
Senior Director
+1-212-908-0796
or
Committee Chairperson:
Joseph Staffa
Senior Director
+1-212-908-0829
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst:
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Mario Civico
Senior Director
+1-212-908-0796
or
Committee Chairperson:
Joseph Staffa
Senior Director
+1-212-908-0829
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com