Fitch Rates Tender Option Bond Series 2016-XM0185 Trust

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) and Trust Receipts series 2016-XM0185:

--Floater Receipts 'AA/F1+'; Negative Outlook;

--Residual Receipts 'AA'; Negative Outlook;

--Trust Receipts 'AA'; Negative Outlook.

KEY RATING DRIVERS

The Long-Term 'AA'/Negative Outlook ratings assigned to the series 2016-XM0185 Floater, Residual and Trust Receipts are based on the higher of the ratings that Fitch has assigned to the Central Plains Energy Project, Gas Project Revenue Bonds (Project No. 3), Series 2012 (rated, 'A'/Stable Outlook) deposited with the CE trustee and the irrevocable direct-pay letter of credit (LOC) issued by Royal Bank of Canada, acting through a New York branch (RBC, rated 'AA/F1+'/Negative Outlook), which secures the Trust Receipts deposited in the series 2016-XM0185 trust.

The letter of credit supporting the trust receipts has a stated expiration date of July 1, 2017, unless such date is extended or earlier terminated.

The Short-Term 'F1+' rating is based on the liquidity facility provided by RBC, which has a stated expiration date of July 1, 2017, unless such dates are extended or earlier terminated.

RATING SENSITIVITIES

The Long-Term ratings assigned to the floater, residual and trust receipts are based on the higher of the rating assigned to the creditworthiness of the underlying bonds 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, residual and trust receipts. The short-term rating assigned the floater receipts 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 assets deposited in the trust.

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 Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1009240

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1009240

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/20160721006093/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
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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