Fitch Rates Merrill Lynch Taxable P-FLOATs Series TNP-1013 'F1'
NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns a rating of 'F1' to the Series TNP-1013 puttable floating option taxable notes (Taxable P-FLOATs) of the Merrill Lynch Taxable P-FLOATs TNP-1000 Trust BOA.
KEY RATING DRIVERS
The rating assigned to the Taxable P-FLOATs is based on the liquidity facility provided by Bank of America, N.A. (rated 'A/F1', Negative Outlook) which covers purchase price for tendered Taxable P-FLOATs and interest payments when due on the Taxable P-FLOATs to the extent other sources of funds are unavailable. The liquidity facility has a scheduled expiration date of July 15, 2016, unless such date is extended or earlier terminated. The Taxable P-FLOATs mature on April 15, 2016 which is the series trust termination date. On such date there will be a mandatory tender of the Taxable P-FLOATs which is payable by the Bank of America, N.A. liquidity facility.
RATING SENSITIVITIES
The short-term rating assigned to the Taxable P-FLOATs reflects the short-term rating that Fitch maintains on the bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the bank.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria
Guidelines for Rating Tender Option Bonds (pub. 10 Apr 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864040
U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862222
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=988769
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988769
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150730006287/en/
Fitch Ratings
Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch
Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary
Analyst
Linda Friedman
Senior Director
+1-212-908-0727
or
Committee
Chairperson
Joseph Staffa
Senior Director
+1-212-908-0829
or
Media
Relations:
Alyssa Castelli, +1 212-908-0540
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Source: Fitch Ratings
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