Fitch Rates 2 Tender Option Bond Series Trusts

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

--Floater Receipts, Series 2015-ZF0168 - 'AA-/F1+', Outlook Stable; Residual Receipts, Series 2015-ZF0168 -'AA-', Outlook Stable;

--Floater Certificates, Series 2015-XF2105 - 'AA-/F1', Outlook Stable; Residual Certificates, Series 2015-XF2105 -'AA-', Outlook Stable.

KEY RATING DRIVERS

The long-term 'AA-', Outlook Stable ratings assigned to the series 2015-ZF0168 Floater Receipts and series 2015-ZF0168 Residual Receipts is based on the rating that Fitch has assigned to Rutgers, The State University General Obligation Bonds, 2013 Series L (Tax Exempt) (rated 'AA-', Outlook Stable) that have been deposited in the series 2015-ZF0168 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF2105 Floater Certificates and series 2015-XF2105 Residual Certificates are based on the ratings that Fitch has assigned to Rutgers, The State University (The State University of New Jersey) General Obligation Bonds, 2013 Series L (Tax Exempt), serial bonds and General Obligation Refunding Bonds, 2013 Series J (Tax Exempt), serial bonds (rated 'AA-', Outlook Stable) that have been deposited in the series 2015-XF2105 trust.

The short-term 'F1+' rating assigned to the series 2015-ZF0168 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+', Outlook Stable), which has a stated expiration date of May 15, 2016, unless such date is extended or earlier terminated.

The short-term 'F1' rating assigned to the series 2015-XF2105 Floater Certificates is based on the liquidity facility provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Outlook Stable), which has a stated expiration date of Dec. 15, 2015, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Floater Receipts and Floater Certificates reflects the short-term ratings that Fitch maintains on the banks providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the banks, and, in some cases, the long-term ratings of the underlying bonds deposited in the trust. The long-term ratings assigned to the Floater and Residual Receipts and Floater and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to those ratings.

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=991654

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=991654

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/20151001006509/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:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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