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Fitch Rates Merrill Lynch Taxable P-FLOATs Series TNP-1013 'F1'

July 30, 2015 12:50 PM EDT

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

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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
[email protected]

Source: Fitch Ratings



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