Fitch Rates Bank of America Merrill Lynch Taxable P-FLOATs Series TN-044

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to the puttable floating option tax-exempts receipts (P-FLOATs) of the Merrill Lynch Taxable P-FLOATs Series TN Trust BOA:

--Series TN-044 Taxable P-FLOATs - 'AAA/F1', long-term rating on Rating Watch Negative.

KEY RATING DRIVERS

The long-term 'AAA', Rating Watch Negative assigned to the TN-044 Taxable P-FLOATs is based on the rating that Fitch has assigned to the Higher Education Loan Authority of the State of Missouri Student Loan Asset-Backed Notes, Series 2010-1 (LIBOR Floating Rate Notes) (rated, 'AAA', Rating Watch Negative) that have been deposited in the Series TN-044 trust.

The 'F1' short-term rating assigned to the P-FLOATs is based on the liquidity facility provided by Bank of America, National Association (rated 'A+/F1', Stable Outlook), which has a stated expiration date of March 15, 2017 unless such date is extended or there is any prior termination of the 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, and, in some cases, the long-term rating of the underlying bond deposited in the trust. The long-term rating assigned to the Taxable P-FLOATs is 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

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1001473

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1001473

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/20160324005885/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

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