NEW YORK--(BUSINESS WIRE)--Fitch Ratings has taken various conforming rating actions on tender option bonds (TOBs) corresponding to actions taken on their associated enhancement providers or underlying bonds.
Long-term ratings assigned to TOBs are the higher of the ratings assigned by Fitch to the applicable enhancement providers supporting the bonds and the ratings assigned by Fitch to the underlying bonds deposited in the issuing trust. Short-term ratings on TOBs, if assigned, are based on ratings assigned by Fitch to their liquidity providers, with consideration given to the TOBs' long-term ratings.
Please see the corresponding spreadsheet for a full list of rating actions.
Additional information is available at 'www.fitchratings.com'.
Criteria for Rating Tender Option Bonds (pub. 07 Apr 2016)
Rating Criteria for Letter of Credit-Supported Bonds and Commercial Paper (pub. 05 Apr 2016)
U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)
Fitch Takes Various Rating Actions on TOBs