Fitch Rates RBC Municipal Products, LLC Trust, Series E-74 and E-75

NEW YORK--()--Fitch Ratings assigns the following ratings to the RBC Municipal Floater Certificates (Floater Certificates), RBC Municipal Residual Certificates (Residual Certificates) and Trust Receipts of the RBC Municipal Products, LLC Trust series listed below:

--Floater Certificates, Series E-74 'AA/F1+', Negative Outlook; Residual Certificates, Series E-74 'AA', Negative Outlook; Trust Receipts, Series 2016-E74 'AA', Negative Outlook.

--Floater Certificates, Series E-75 'AA/F1+', Negative Outlook; Residual Certificates, Series E-75 'AA', Negative Outlook; Trust Receipts, Series 2016-E75 'AA', Negative Outlook.

KEY RATING DRIVERS

The long-term 'AA', Negative Outlook assigned to the Floater and Residual Certificates and Trust Receipts is based on the rating that Fitch has assigned to the irrevocable direct-pay letters of credit (LOCs) issued by Royal Bank of Canada, acting through a New York branch (RBC; 'AA/F1+', Negative Outlook), which secure the Trust Receipts deposited in the trusts. The LOC supporting the 2016-E74 trusts receipts has a stated expiration date of Nov. 9, 2017, unless such date is extended or earlier terminated. The LOC supporting the 2016-E75 trusts receipts has a stated expiration date of Dec. 26, 2016, unless such date is extended or earlier terminated.

The short-term 'F1+' ratings are based on the liquidity facilities provided by RBC, which have stated expiration dates of Nov. 9, 2017 for series E-74 and Dec. 26, 2016 for series E-75, unless such dates are extended or earlier terminated. The initial rate mode for each series of Floater Certificates will be the SIFMA Term Mode, which expires on Oct. 3, 2016. Floater Certificate holders may not optionally tender their bonds in a term mode that is greater than 30 days in length and therefore the short-term rating assigned to the floaters will only reflect the liquidity bank's obligation to fund the payment of purchase price for unremarketed floaters following a mandatory tender.

RATING SENSITIVITIES

The long-term ratings assigned to the Floater and Residual Certificates and Trust Receipts are exclusively based on the bank providing the LOCs and will reflect all changes to that rating. The short-term ratings assigned to the Floater Certificates will be adjusted upward or downward in conjunction with the short-term rating of the bank providing the liquidity facilities.

Additional information is available at www.fitchratings.com

Applicable Criteria

Criteria for Rating Tender Option Bonds (pub. 07 Apr 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879516

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=1008252

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1008252

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:
Joseph Staffa
Senior Director
+1-212-908-0829
or
Committee Chairperson:
Linda Friedman
Senior Director
+1-212-908-0727
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
Email: 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:
Joseph Staffa
Senior Director
+1-212-908-0829
or
Committee Chairperson:
Linda Friedman
Senior Director
+1-212-908-0727
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
Email: elizabeth.fogerty@fitchratings.com