NEW YORK--(BUSINESS WIRE)--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.
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
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