Fitch Rates 9 Tender Option Bond Series Trusts

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

--Floater Certificates, Series 2015-XF2003 - 'AA/F1', Stable Outlook; Residual Certificates, Series 2015-XF2003 -'AA', Stable Outlook;

--Floater Certificates, Series 2015-XF2004 - 'AAA/F1', Stable Outlook; Residual Certificates, Series 2015-XF2004 -'AAA', Stable Outlook;

--Floater Certificates, Series 2015-XF2005 - 'AAA/F1', Stable Outlook; Residual Certificates, Series 2015-XF2005 -'AAA', Stable Outlook;

--Floater Certificates, Series 2015-XF2006 - 'AA+/F1', Stable Outlook; Residual Certificates, Series 2015-XF2006 -'AA+', Stable Outlook;

--Floater Certificates, Series 2015-XF2008 - 'AA+/F1', Stable Outlook; Residual Certificates, Series 2015-XF2008 -'AA+', Stable Outlook;

--Floater Certificates, Series 2015-XF2011 - 'A+/F1', Stable Outlook; Residual Certificates, Series 2015-XF2011 -'A+', Stable Outlook;

--Floater Certificates, Series 2015-XF2019 - 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XF2019 -'AA-', Stable Outlook;

--Floater Certificates, Series 2015-XF2024 - 'AA/F1', Stable Outlook; Residual Certificates, Series 2015-XF2024 -'AA', Stable Outlook;

--Floater Certificates, Series 2015-XF2032 - 'AA/F1', Stable Outlook; Residual Certificates, Series 2015-XF2032 -'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XF2003 Floater Certificates and series 2015-XF2003 Residual Certificates are based on the ratings that Fitch has assigned to California Health Facilities Financing Authority Revenue Bonds, Series 2014A (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XF2003 trust.

The long-term 'AAA', Stable Outlook ratings assigned to the series 2015-XF2004 Floater Certificates and series 2015-XF2004 Residual Certificates are based on the ratings that Fitch has assigned to Texas Transportation Commission, State of Texas General Obligation Mobility Fund Refunding Bonds, Series 2014 (rated 'AAA', Stable Outlook) that have been deposited in the series 2015-XF2004 trust.

The long-term 'AAA', Stable Outlook ratings assigned to the series 2015-XF2005 Floater Certificates and series 2015-XF2005 Residual Certificates are based on the ratings that Fitch has assigned to Texas Transportation Commission, State of Texas General Obligation Mobility Fund Refunding Bonds, Series 2014 (rated 'AAA', Stable Outlook) that have been deposited in the series 2015-XF2005 trust.

The long-term 'AA+', Stable Outlook ratings assigned to the series 2015-XF2006 Floater Certificates and series 2015-XF2006 Residual Certificates are based on the ratings that Fitch has assigned to State of Alabama, General Obligation Refunding Bonds, Series 2014-A (rated 'AA+', Stable Outlook) that have been deposited in the series 2015-XF2006 trust.

The long-term 'AA+', Stable Outlook ratings assigned to the series 2015-XF2008 Floater Certificates and series 2015-XF2008 Residual Certificates are based on the ratings that Fitch has assigned to Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds (General Purpose), Series 2015A (rated 'AA+', Stable Outlook) that have been deposited in the series 2015-XF2008 trust.

The long-term 'A+', Stable Outlook ratings assigned to the series 2015-XF2011 Floater Certificates and series 2015-XF2011 Residual Certificates are based on the ratings that Fitch has assigned to Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Series 2009A, (Baptist Healthcare System Obligated Group), Serial Bonds (rated 'A+', Stable Outlook) that have been deposited in the series 2015-XF2011 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF2019 Floater Certificates and series 2015-XF2019 Residual Certificates are based on the ratings that Fitch has assigned to Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, Series 2010A (Non-AMT) of the City of Orlando, Florida, Term Bonds (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF@019 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XF2024 Floater Certificates and series 2015-XF2024 Residual Certificates are based on the ratings that Fitch has assigned to California Health Facilities Financing Authority, Refunding Revenue Bonds (Stanford Hospital and Clinics), 2010 Series A, Term Bonds (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XF2024 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XF2032 Floater Certificates and series 2015-XF2032 Residual Certificates are based on the ratings that Fitch has assigned to Illinois Finance Authority, Revenue Bonds (Trinity Health Credit Group), Series 2011IL, Term Bonds (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XF2032 trust.

The short-term 'F1' rating assigned to the Floater Certificates is based on the liquidity facilities provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Stable Outlook). The 'F1' rating assigned to the series 2015-XF2003, 2015-XF2004, 2015-XF2005, 2015-XF2006 and 2015-XF2008 Floater Certificates will expire on May 15, 2016, the expiration date of the liquidity facilities, unless such date is extended or earlier terminated. The 'F1' rating assigned to the series 2015-XF2011, 2015-XF2019, 2015-XF2024 and 2015-XF2032 Floater Certificates will expire on Nov. 15, 2015, the expiration date of the liquidity facilities, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Floater Certificates 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, and, in some cases, the long-term rating of the underlying bonds deposited in the trust. The long-term ratings assigned to the Floater Certificates and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.

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

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985461

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/20150528006141/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
Mario Civico
Senior Director
+1-212-908-0796
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

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Top Data Center Facility Leaders Converge in Ashburn, VA for Smart Data Center Facilities Convention 2026
• California Seniors Who Own Their Homes Are Being Priced Out by Insurance and Maintenance, Not Mortgage Debt
• InvestorNewsBreaks – Magnolia Oil & Gas Corporation (NYSE: MGY) Prices $1.1 Billion Public Stock Offering