Fitch Rates Taxable Tender Option Bond Series 2016-TPG003 Trust

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

--Taxable Floater Notes Series 2016-TPG003 'F1'.

KEY RATING DRIVERS

The 'F1' rating assigned to the Taxable Floater Notes is based on the liquidity facility provided by Bank of America, N.A. (rated 'A+/F1', Stable Outlook) which covers purchase price for tendered Taxable Floater Notes. This includes a mandatory tender in the event that the trust fails to make any principal and interest payment on the Taxable Floater Notes. In this event, the Note Trustee will give notice to the Trustee of a Taxable Floater Notes Default Event and the Taxable Floater Notes shall be subject to mandatory tender and purchase by the Trustee with funds provided by the liquidity provider. The liquidity facility has a scheduled expiration date of July 15, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Taxable Floater Notes 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.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Criteria for Rating Tender Option Bonds (pub. 07 Apr 2016)

https://www.fitchratings.com/site/re/879516

U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)

https://www.fitchratings.com/site/re/862222

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011379

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011379

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/20160908006138/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
Linda Friedman
Senior Director
+1-212-908-0727
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
[email protected]

Source: Fitch Ratings

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