Fitch Rates Taxable Tender Option Bond Series 2016-TXG001 Trust

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

--Taxable Floater Notes Series 2016-TXG001 'AA/F1'/Stable Outlook;

--Taxable Residual Certificates Series 2016-TXG001 'AA'/Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA'/Stable Outlook ratings assigned to the series 2016-TXG001 Taxable Floater Notes and Taxable Residual Certificates are based on the rating that Fitch has assigned to State of Oregon Department of Administrative Services certificates of participation, 2010 series B (Build America Bonds-Federally Taxable) (rated 'AA'/Stable Outlook) that have been deposited in the 2016-TXG001 trust.

The short-term 'F1' rating assigned to the Taxable Floater Notes are based on the liquidity facility provided by Bank of America, National Association (rated 'A+/F1'/Stable Outlook), which have a stated 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 will be adjusted upward or downward in conjunction with the short-term rating of the bank. The long-term ratings assigned to the Taxable Floater Notes and Taxable Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such rating.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Criteria for Rating Tender Option Bonds (pub. 07 Apr 2016)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879516

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 Formhttps://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1009960

Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1009960

Endorsement Policyhttps://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/20160804005835/en/

Fitch Ratings
Primary Analyst:
Richard Park, +1-212-908-0289
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Joseph Staffa, +1-212-908-0829
Senior Director
or
Committee Chairperson:
Linda Friedman, +1-212-908-0727
Senior Director
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526
New York
[email protected]

Source: Fitch Ratings

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