ֳ

Rating Action Commentary

ֳ Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs

Thu 03 Nov, 2016 - 2:05 PM ET

ֳ-New York-03 November 2016: ֳ 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 8, 2013.

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 and Commercial Paper Issued with External Liquidity Support', dated Jan. 28, 2016.

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
+1-212-908-0680
ֳ, Inc.
33 Whitehall Street
New York, NY 10004

Secondary Analyst
Eric Reiter
Director
+1-212-908-0728


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

Additional information is available at ''.

Applicable Criteria
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)
Rating Criteria for Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support (pub. 28 Jan 2016)
U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)
U.S. Tax-Supported Rating Criteria (pub. 18 Apr 2016)

Related Research
ֳ Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs

Additional Disclosures
Solicitation Status
Endorsement Policy


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PARTICIPATION STATUS

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.

ENDORSEMENT POLICY

ֳ's approach to ratings endorsement so that ratings produced outside the EU may be used by regulated entities within the EU for regulatory purposes, pursuant to the terms of the EU Regulation with respect to credit rating agencies, can be found on the EU Regulatory Disclosures page. The endorsement status of all International ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for all structured finance transactions on the ֳ website. These disclosures are updated on a daily basis.