Fitch Rates Tender Option Bond Series 2016-XG0102 and 2016-XG0103 Trusts
NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to the Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) of the Tender Option Bond Trust series listed below:
--Floater Receipts Series 2016-XG0102 'AAA/F1+', Stable Outlook; Residual Receipts Series 2016-XG0102 'AAA', Stable Outlook;
--Floater Certificates Series 2016-XG0103 'AA/F1+', Stable Outlook; Residual Receipts Series 2016-XG0103 'AA', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AAA', Stable Outlook ratings assigned to the series 2016-XG0102 Floater and Residual Certificates are based on the rating that Fitch has assigned to New York City Transitional Finance Authority, Future Tax Secured Subordinate Bonds, Fiscal 2017 Subseries A-1 Tax-Exempt Bonds (rated 'AAA', Stable Outlook) that have been deposited in the 2016-XG0102 trust.
The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XG0103 Floater and Residual Certificates are based on the rating that Fitch has assigned to Colorado Health Facilities Authority Hospital Revenue Bonds, Series 2016A (rated 'AA', Stable Outlook) that have been deposited in the 2016-XG0103 trust.
The short-term 'F1+' ratings assigned to the Floater Receipts are based on the liquidity facilities provided by State Street Bank and Trust Company (rated 'AA/F1+', Stable Outlook), which have a stated expiration date of July 15, 2017, unless such date is extended or earlier terminated.
RATING SENSITIVITIES
The short-term ratings assigned to the Floater Receipts will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term ratings of the underlying bonds deposited in the trusts. The long-term ratings assigned to the Floater and Residual Receipts are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to such ratings.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria
Criteria for Rating Tender Option Bonds (pub. 07 Apr 2016)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879516
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=1009618
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1009618
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/20160728006069/en/
Fitch Ratings, Inc.
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
Elizabeth Fogerty, +1-212-908-0526
[email protected]
Source: Fitch Ratings
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