Fitch Rates Tender Option Bond Series 2016-ZF0463 to 2016-ZF0471 Trusts

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns a 'AA/F1+', Negative Outlook to the Puttable Floating Rate Receipts (Floater Receipts) and a rating of 'AA', Negative Outlook to the Inverse Floating Rate Receipts (Residual Receipts) and Trust Receipts series 2016-ZF0463 to 2016-ZF0471 of the Tender Option Bond Trust series 2016-ZF0463 to 2016-ZF0471.

KEY RATING DRIVERS

The long-term 'AA', Negative Outlook ratings assigned to the series 2016-ZF0463 Floater, Residual and Trust Receipts are based on the higher of the ratings that Fitch has assigned to the Hudson Yards Infrastructure Corporation, Hudson Yards Senior Revenue Bonds Fiscal 2012 Series A (rated 'A', Stable Outlook) deposited with the credit enhancement (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-ZF0463 trust.

The long-term 'AA', Negative Outlook ratings assigned to the series 2016-ZF0464 Floater, Residual and Trust Receipts are based on the higher of the ratings that Fitch has assigned to the New York Liberty Development Corporation Liberty Revenue Bonds, Series 2011 (4 World Trade Center Project) (rated 'A ', Stable Outlook) deposited with the CE trustee and the irrevocable direct-pay LOC issued by Royal Bank of Canada, acting through a New York branch, which secures the series 2016-ZF0464 Trust Receipts deposited in the trust.

The long-term 'AA', Negative Outlook ratings assigned to the series 2016-ZF0465 Floater, Residual and Trust Receipts are based on the higher of the ratings that Fitch has assigned to the Dallas/Fort Worth International Airport Joint Revenue Refunding Bonds, Series 2012E and 2012F (rated 'A', Stable Outlook) deposited with the CE trustee and the irrevocable direct-pay LOC issued by Royal Bank of Canada, acting through a New York branch, which secures the series 2016-ZF0465 Trust Receipts deposited in the trust.

The long-term 'AA', Negative Outlook ratings assigned to the series 2016-ZF0466 Floater and Residual Receipts and series 2016-ZF0466 Trust Receipts are based on the higher of the ratings that Fitch has assigned to the Broward County, Florida Airport System Revenue Bonds, Series 2012Q-1 (rated 'A', Positive Outlook) deposited with the CE trustee and the irrevocable direct-pay LOC issued by Royal Bank of Canada, acting through a New York branch, which secures the series 2016-ZF0466 Trust Receipts deposited in the trust.

The long-term 'AA', Negative Outlook ratings assigned to the series 2016-ZF0467 Floater, Residual and Trust Receipts are based on the higher of the ratings that Fitch has assigned to The City and County of Denver, Colorado for and on behalf of its Department of Aviation Airport System Revenue Bonds, Series 2012A (rated 'A+', Stable Outlook) deposited with the CE trustee and the irrevocable direct-pay LOC (LOC) issued by Royal Bank of Canada, acting through a New York branch, which secures the series 2016-ZF0467 Trust Receipts deposited in the trust.

The long-term 'AA', Negative Outlook ratings assigned to the series 2016-ZF0468 Floater, Residual and Trust Receipts are based on the higher of the ratings that Fitch has assigned to the New Jersey Transportation Trust Fund Authority Transportation System Bonds, 2011 Series B (rated 'A-', Stable Outlook) deposited with the CE trustee and the irrevocable direct-pay LOC issued by Royal Bank of Canada, acting through a New York branch, which secures the series 2016-ZF0468 Trust Receipts deposited in the trust.

The long-term 'AA', Negative Outlook ratings assigned to the series 2016-ZF0469 Floater, Residual and Trust Receipts are based on the higher of the ratings that Fitch has assigned to the New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2013 Series NN (rated 'A-', Stable Outlook) deposited with the CE trustee and the irrevocable direct-pay LOC issued by Royal Bank of Canada, acting through a New York branch, which secures the series 2016-ZF0469 Trust Receipts deposited in the trust.

The long-term 'AA', Negative Outlook ratings assigned to the series 2016-ZF0470 Floater, Residual and Trust Receipts are based on the higher of the ratings that Fitch has assigned to the New Jersey Turnpike Authority Turnpike Revenue Bonds, Series 2013A (rated 'A', Stable Outlook) deposited with the CE trustee and the irrevocable direct-pay LOC issued by Royal Bank of Canada, acting through a New York branch, which secures the series 2016-ZF0470 Trust Receipts deposited in the trust.

The long-term 'AA', Negative Outlook ratings assigned to the series 2016-ZF0471 Floater, Residual and Trust Receipts are based on the higher of the ratings that Fitch has assigned to the Cities of Dallas and Fort Worth, Texas Dallas/Fort Worth International Airport Joint Revenue Improvement Bonds, Series 2012H (rated, 'A', Stable Outlook) deposited with the CE trustee and the irrevocable direct-pay LOC issued by Royal Bank of Canada, acting through a New York branch, which secures the series 2016-ZF0471 Trust Receipts deposited in the trust.

Each of the LOCs supporting the trust receipts have a stated expiration date of June 15, 2017, unless such date is extended or earlier terminated.

The short-term 'F1+' ratings are based on the liquidity facilities provided by RBC, which have a stated expiration date June 15, 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 ratings 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 trusts.

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=1008896

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1008896

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/20160714005965/en/

Fitch Ratings
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Source: Fitch Ratings

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