Fitch Rates Tender Option Bond Series 2016-XM0350, 2016-XM0352 and 2016-XM0357 Trusts

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to the Floater Receipts and Residual Receipts of the Tender Option Bond Trust series listed below:

--Floater Receipts, Series 2016-XM0350 'AA/F1+', Stable Outlook; Residual Receipts, Series 2016-XM0350 'AA', Stable Outlook;

--Floater Receipts, Series 2016-XM0352 'AA/F1+', Stable Outlook; Residual Receipts, Series 2016-XM0352 'AA', Stable Outlook;

--Floater Receipts, Series 2016-XM0357 'AAA/F1+', Stable Outlook; Residual Receipts, Series 2016-XM0357 'AAA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XM0350 Floater and Residual Receipts are based on the rating that Fitch has assigned to Metropolitan Transportation Authority Dedicated Tax Fund Bonds, Series 2004B, Subseries 2004B-2 (rated 'AA', Stable Outlook) that have been deposited in the series 2016-XM0350 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XM0352 Floater and Residual Receipts are based on the rating that Fitch has assigned to The Regents of the University of California General Revenue Bonds, 2013 Series AF (rated 'AA', Stable Outlook) that have been deposited in the series 2016-XM0352 trust.

The long-term 'AAA', Stable Outlook ratings assigned to the series 2016-XM0357 Floater and Residual Receipts are based on the rating that Fitch has assigned to New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds, Fiscal 2013 Series B (rated 'AAA', Stable Outlook) that have been deposited in the series 2016-XM0357 trust.

The short-term 'F1+' ratings assigned to the Floater Receipts are based on the liquidity facilities provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+', Stable Outlook), which have a stated expiration date of July 20, 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 ratings of the banks, and, in some cases, the long-term ratings of the underlying bonds deposited in the trusts. The long-term ratings assigned to the Floater Receipts 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=1009232

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1009232

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/20160721006021/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
Joseph Staffa
Senior Director
+1-212-908-0829
or
Committee Chairperson
Mario Civico
Senior Director
+1-212-908-0796
or
Media Relations
Elizabeth Fogerty, +1 212-908-0526
[email protected]

Source: Fitch Ratings

You May Also Be Interested In

• Sandata Opposes Singular Fiscal Intermediary to Manage Care In New York
• Engel & Völkers Dallas Fort Worth Presents $20,824 to Special Olympics
• Avis Budget Group to Announce First Quarter 2024 Results on May 1st