Fitch Rates Tender Option Bond Series 2015-ZM0122 and 2015-XM0123 Trusts

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

--Floater Receipts, Series 2015-ZM0122 'AAA/F1+', Stable Outlook;

--Residual Receipts, Series 2015-ZM0122 'AAA', Stable Outlook;

--Floater Receipts, Series 2015-XM0123 'AA-/F1+', Stable Outlook;

--Residual Receipts, Series 2015-XM0123 'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AAA', Stable Outlook ratings assigned to the series 2015-ZM0122 Floater Receipts and series 2015-ZM0122 Residual Receipts are based on the rating that Fitch has assigned to the Utility Debt Securitization Authority Restructuring Bonds, Series 2015 (rated 'AAA', Stable Outlook) that have been deposited in the series 2015-ZM0122 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XM0123 Floater Receipts and series 2015-XM0123 Residual Receipts are based on the rating that Fitch has assigned to the State Building Authority of the State of Michigan 2015 Revenue and Revenue Refunding Bonds, Series I (Facilities Program) (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XM0123 trust.

The short-term 'F1+' rating assigned to the series 2015-ZM0122 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. 8, 2016, unless such date is extended or earlier terminated.

The short-term 'F1+' rating assigned to the series 2015-XM0123 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'AA/F1+', Stable Outlook), which has a stated expiration date of June 9, 2016, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings assigned to the Floater Receipts 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 Receipts and Residual Receipts 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 Formhttps://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=996467

Solicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=996467

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/20151210005994/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:
Linda Friedman, +1-212-908-0727
Senior Director
or
Committee Chairperson:
Mario Civico, +1-212-908-0796
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
New York
[email protected]

Source: Fitch Ratings

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