ֳ

Rating Action Commentary

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

Thu 11 Oct, 2012 - 4:52 PM ET

ֳ-New York-11 October 2012: ֳ 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
+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' (Feb. 1, 2012);
--'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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