Fitch Rates Tender Option Bond Series 2015-XM0048 Trust

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to the floater certificates, residual certificates and custodial receipts of the tender option bond trust series listed below:

--Floater Certificates, Series 2015-XM0048 - 'AA/F1', Stable Outlook;

--Residual Certificates, Series 2015-XM0048 -'AA', Stable Outlook;

--Custodial Receipts, Series 2015-XM0048 - 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XM0048 floater certificates, residual certificates and custodial receipts are based on the higher of the ratings that Fitch has assigned to the underlying Pennsylvania Economic Development Financing Authority junior guaranteed parking revenue bonds (Capitol Region Parking System) series B of 2013 (rated 'AA', Stable Outlook) held by the custodian and the custodial level credit enhancement provided by Deutsche Bank AG (currently rated 'A/F1', Negative Outlook), securing the custodial receipts deposited in the trust.

The short-term 'F1' rating assigned to the floater certificates is based on the liquidity facility provided by Deutsche Bank AG New York Branch (rated 'A/F1', Negative Outlook). The 'F1' rating assigned to the floater certificates will expire on June 15, 2016, the expiration date of the liquidity facility, 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 custodial receipts deposited in the trust. The long-term rating assigned to the floater certificates, residual certificates and custodial receipts are tied to the creditworthiness of the underling bond deposited in the trust and the long-term rating that Fitch maintains on the bank providing credit enhancement. Changes to one or both of these ratings may affect the long-term rating assigned to the floater certificates, residual certificates and custodial receipts.

Additional information is available on 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=988031

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988031

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/20150716005962/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:
Sandro Scenga, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

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