Fitch Rates Tender Option Bond Series 2015-ZM0138 & 2015-ZM0139 Trusts

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned the following ratings to the Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) for the following Tender Option Bond Trust series:

--Floater Receipts Series 2015-ZM0138 'AA-/F1+'; Stable Outlook;

--Residual Receipts Series 2015-ZM0138 'AA-'; Stable Outlook;

--Floater Receipts Series 2015-ZM0139 'AA-/F1+'; Stable Outlook;

--Residual Receipts Series 2015-ZM0139 'AA-'; Stable Outlook.

KEY RATING DRIVERS

The Long-term 'AA-'; Stable Outlook ratings assigned to both series of Floater and Residual are based on the rating that Fitch has assigned to the Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) General Revenue Bonds Series 2016A (New Money and Refunding) (rated 'AA-'; Stable Outlook) that have been deposited in the trusts.

The Short-term 'F1+' ratings assigned to the Floater Receipts is based on the liquidity facilities provided by Royal Bank of Canada (rated 'AA/F1+'; Stable Outlook), which have a stated expiration date of Jan. 31, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The Short-term ratings assigned to the Floater Receipts 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 ratings of the bank, 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 Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=998871

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=998871

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/20160202006090/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
Linda Friedman
Senior Director
+1-212-908-0727
or
Committee Chairperson
Mario Civico
Senior Director
+1-212-908-0796
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
[email protected]

Source: Fitch Ratings

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