ֳ

Rating Action Commentary

ֳ Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs

Fri 01 Feb, 2013 - 1:40 PM ET

ֳ-New York-01 February 2013: ֳ has taken various conforming rating actions on enhanced municipal bonds and tender option bonds (TOBs) corresponding to actions taken on their associated enhancement providers or underlying bonds.

Long-term ratings on enhanced municipal bonds may be higher than those of their enhancement providers as discussed in ֳ's 'Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds', dated March 9, 2012.

Short-term ratings on enhanced municipal bonds may be lower than those of their liquidity providers, as discussed in ֳ's 'Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support', dated Feb. 1, 2012.

Long-term ratings assigned to TOBs are the higher of the ratings assigned by ֳ to the applicable enhancement providers supporting the bonds and the ratings assigned by ֳ to the underlying bonds deposited in the issuing trust. Short-term ratings on TOBs, if assigned, are based on ratings assigned by ֳ 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.

Contact:
Primary Analyst
Jeff Schaub
Managing Director
Jeff.schaub@fitchratings.com
+1-212-908-0680
ֳ, Inc.
33 Whitehall Street
New York, NY 10004

Secondary Analyst
Ferona Leonard
Senior Director
+1-212-908-0541



Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com.

Additional information is available at ''. The ratings above were solicited by, or on behalf of, the issuer, and therefore, ֳ has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'U.S. Municipal Structured Finance Criteria' (Feb. 28, 2012);
--'Rating Guidelines for Letter of Credit-Supported Bonds' (June 20, 2012);
--'Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support' (Jan. 31, 2013);
--'Dual-Party Pay Criteria For Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds' (March 9, 2012);
--'Rating Guidelines for Commercial Paper Note Programs Issued with External Support' (March 19, 2012);
--'Guidelines for Rating Tender Option Bond Securities' (May 10, 2012).

Applicable Criteria and Related Research:








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The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.

Solicitation Status

The ratings above were solicited and assigned or maintained at the request of the rated entity/issuer or a related third party. Any exceptions follow below.

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