NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns the following ratings to the Floater Certificates and Residual Certificates of the Tender Option Bond Trust series listed below:
--Floater Certificates, Series 2016-ZF2364 'AA+/F1', Stable Outlook;
--Residual Certificates, Series 2016-ZF2364 'AA+', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA+', Stable Outlook rating assigned to the series 2016-ZF2364 Floater and Residual Certificates are based on the rating that Fitch has assigned to The Commonwealth of Massachusetts General Obligation Bonds, Consolidated Loan of 2016, Series G (rated 'AA+', Stable Outlook) that have been deposited in the series 2016-ZF2364 trust.
The short-term 'F1' rating assigned to the Floater Certificates is based on the liquidity facility provided by Barclays Bank PLC (rated 'A/F1', Stable Outlook), which has a stated expiration date of Sept. 1, 2017, unless such date is extended or earlier terminated.
The short-term rating assigned to the Floater Certificates 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 Certificates and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such rating.
Additional information is available at 'www.fitchratings.com'.
Criteria for Rating Tender Option Bonds (pub. 07 Apr 2016)
U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)
Dodd-Frank Rating Information Disclosure Form