Fitch Rates Rib Floater Trust Series 2012 FR/RI-8WX and 2013 FR/RI-6U

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned the following ratings to the Floater Rate Trust Receipts (Floater-TRs) and Residual Interest Trust Receipts (RI-TRs) of the Rib Floater Trust series listed below:

--Series 2012-8WX Floater-TRs 'AA-/F1'; Stable Outlook;

--Series 2012-8WX RI-TRs 'AA-'; Stable Outlook;

--Series 2013-6U Floater-TRs 'AA-/F1'; Stable Outlook;

--Series 2013-6U RI-TRs 'AA-'; Stable Outlook.

KEY RATING DRIVERS

The Long-term 'AA-'/Stable Outlook ratings assigned to the series 2012-8WX and series 2013-6UE Floater-TRs and RI-TRs are based on the rating that Fitch has assigned to Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2012A (rated 'AA-'/Stable Outlook) that have been deposited in both trusts.

The 'F1' short-term rating assigned to the Floater-TRs is based on the liquidity facilities provided by Barclays Bank PLC (rated, 'A/F1'/Stable Outlook) which have a stated expiration date of June 30, 2016, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The Short-term rating assigned to the Floater-TRs 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 trusts. The long-term rating assigned to the Floater-TRs and RI-TRs are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to the underlying bond 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=997872

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997872

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/20160114005852/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

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