Fitch Rates Tender Option Bond Series 2015-ZM0118 and 2015-ZM0120 Trusts

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to the Floater Certificates, Residual Certificates, Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) of the Tender Option Bond Trust series listed below:

--Floater Certificates, Series 2015-ZM0118 - 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-ZM0118 -'AA-', Stable Outlook;

--Floater Receipts, Series 2015- ZM0120 - 'AA-/F1+', Stable Outlook; Residual Receipts, Series 2015- ZM0120 -'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-', Stable Outlook ratings assigned to the Floater and Residual Certificates and Floater and Residual Receipts are based on the rating that Fitch has assigned to The Illinois State Toll Highway Authority, Toll Highway Senior Revenue Bonds, 2015 Series B (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-ZM0118 and series 2015-ZM0120 trusts.

The short-term 'F1' rating assigned to the series 2015-ZM0118 Floater Certificates is based on the liquidity facility provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Stable Outlook), which has a stated expiration date of Dec. 15, 2016, unless such date is extended or earlier terminated.

The short-term 'F1+' rating assigned to the series 2015-ZM0120 Floater Receipts is based on the liquidity facility provided by Royal Bank of Canada (rated 'AA/F1+', Stable Outlook), which has a stated expiration date of Dec. 15, 2016, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings assigned to the Floater Receipts and Floater Certificates reflects the short-term ratings that Fitch maintains on the banks providing liquidity support and will be adjusted upward or downward in conjunction with the short-term ratings of the banks, and, in some cases, the long-term ratings of the underlying bonds deposited in the trusts. The long-term ratings assigned to the Floater and Residual Receipts and Floater and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to those ratings.

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=996903

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=996903

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/20151217005936/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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