Fitch Rates Various Tender Option Bond Series 2016-XF Trusts

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned the following ratings to the Floater Certificates and Residual Certificates of the Tender Option Bond Trust series listed below:

--Floater Certificates Series 2016-XF2276 - 'AA/F1', Stable Outlook; Residual Certificates Series 2016-XF2276 - 'AA', Stable Outlook;

--Floater Certificates Series 2016-XF2277 - 'AA+/F1', Stable Outlook; Residual Certificates Series 2016-XF2277 -'AA+', Stable Outlook;

--Floater Certificates Series 2016-XF2281 - 'AAA/F1', Stable Outlook; Residual Certificates Series 2016-XF2281 -'AAA', Stable Outlook;

--Floater Certificates Series 2016-XF2283 - 'AAA/F1', Stable Outlook; Residual Certificates Series 2016-XF2283 -'AAA', Stable Outlook;

--Floater Certificates Series 2016-XF2284 - 'AA+/F1', Stable Outlook; Residual Certificates Series 2016-XF2284 -'AA+', Stable Outlook;

--Floater Certificates Series 2016-XF2285 - 'AA+/F1', Stable Outlook; Residual Certificates Series 2016-XF2285 -'AA+', Stable Outlook;

--Floater Certificates Series 2016-XF2286 - 'AA+/F1', Stable Outlook; Residual Certificates Series 2016-XF2286 -'AA+', Stable Outlook;

--Floater Certificates Series 2016-XF2288 - 'AA/F1', Stable Outlook; Residual Certificates Series 2016-XF2288 -'AA', Stable Outlook;

--Floater Certificates Series 2016-XF2289 - 'AA/F1', Stable Outlook; Residual Certificates Series 2016-XF2289 -'AA', Stable Outlook;

--Floater Certificates Series 2016-XF2293 - 'AA+/F1', Stable Outlook; Residual Certificates Series 2016-XF2293 -'AA+', Stable Outlook;

--Floater Certificates Series 2016-XF2295 - 'AA-/F1', Stable Outlook; Residual Certificates Series 2016-XF2295 -'AA-', Stable Outlook;

--Floater Certificates Series 2016-XF2296 - 'AA/F1', Stable Outlook; Residual Certificates Series 2016-XF2296 -'AA', Stable Outlook;

--Floater Certificates Series 2016-XF2297 - 'AA/F1', Positive Outlook; Residual Certificates Series 2016-XF2297 -'AA', Positive Outlook;

--Floater Certificates Series 2016-XF2298 - 'AA+/F1', Stable Outlook; Residual Certificates Series 2016-XF2298 -'AA+', Stable Outlook;

--Floater Certificates Series 2016-XF2300 - 'AA/F1', Stable Outlook; Residual Certificates Series 2016-XF2300 -'AA', Stable Outlook;

--Floater Certificates Series 2016-XF2302 - 'AA/F1', Stable Outlook; Residual Certificates Series 2016-XF2302 -'AA', Stable Outlook;

--Floater Certificates Series 2016-XF2303 - 'AA+/F1', Stable Outlook; Residual Certificates Series 2016-XF2303 -'AA+', Stable Outlook;

--Floater Certificates Series 2016-XF2304 - 'AA-/F1', Stable Outlook; Residual Certificates Series 2016-XF2304 -'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook assigned to the series 2016-XF2276 Floater and Residual Certificates is based on the rating that Fitch has assigned to the City and County of Honolulu Wastewater System Revenue Bonds (First Bond Resolution), Senior Series 2011A, term bonds (rated 'AA', Stable Outlook) that have been deposited in the 2016-XF2276 trust.

The long-term 'AA+', Stable Outlook assigned to the series 2016-XF2277 Floater and Residual Certificates is based on the rating that Fitch has assigned to The Regents of the University of Colorado, University Enterprise Revenue Bonds, Series 2011A, term bonds (rated 'AA+', Stable Outlook) that have been deposited in the 2016-XF2277 trust.

The long-term 'AAA', Stable Outlook assigned to the series 2016-XF2281 Floater and Residual Certificates is based on the rating that Fitch has assigned to The City of Beverly Hills Public Financing Authority 2012 Water Revenue Bonds, Second Series A, term bonds (rated 'AAA', Stable Outlook) that have been deposited in the 2016-XF2281 trust.

The long-term 'AAA', Stable Outlook assigned to the series 2016-XF2283 Floater and Residual Certificates is based on the rating that Fitch has assigned to New York Transitional Finance Authority Future Tax Secured Bonds Fiscal 2012 Subseries E-1 Tax-Exempt Subordinate Bonds, term bonds (rated 'AAA', Stable Outlook) that have been deposited in the 2016-XF2283 trust.

The long-term 'AA+', Stable Outlook assigned to the series 2016-XF2284 Floater and Residual Certificates is based on the rating that Fitch has assigned to State of Mississippi General Obligation Bonds, Series 2011A (Capital Improvement Projects), term bonds (rated 'AA+', Stable Outlook) that have been deposited in the 2016-XF2284 trust.

The long-term 'AA+', Stable Outlook assigned to the series 2016-XF2285 Floater and Residual Certificates is based on the rating that Fitch has assigned to State of North Carolina Capital Improvement Limited Obligation Bonds, Series 2011C, serial bonds (rated 'AA+', Stable Outlook) that have been deposited in the 2016-XF2285 trust.

The long-term 'AA+', Stable Outlook assigned to the series 2016-XF2286 Floater and Residual Certificates is based on the rating that Fitch has assigned to New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2012 Series AA, serial bonds (rated 'AA+', Stable Outlook) that have been deposited in the 2016-XF2286 trust.

The long-term 'AA', Stable Outlook assigned to the series 2016-XF2288 Floater and Residual Certificates is based on the rating that Fitch has assigned to Metropolitan Transit Authority Dedicated Tax Fund Refunding Bonds, Series 2012A, serial bonds (rated 'AA', Stable Outlook) that have been deposited in the 2016-XF2288 trust.

The long-term 'AA', Stable Outlook assigned to the series 2016-XF2289 Floater and Residual Certificates is based on the rating that Fitch has assigned to Dormitory Authority of the State of New York Memorial Sloan-Kettering Cancer Center Revenue Bonds, 2012 Series 1, term bonds (rated 'AA', Stable Outlook) that have been deposited in the 2016-XF2289 trust.

The long-term 'AA+', Stable Outlook assigned to the series 2016-XF2293 Floater and Residual Certificates is based on the rating that Fitch has assigned to City of Los Angeles Wastewater System Revenue Bonds, Series 2013-A, term bonds (rated 'AA+', Stable Outlook) that have been deposited in the 2016-XF2293 trust.

The long-term 'AA-', Stable Outlook assigned to the series 2016-XF2295 Floater and Residual Certificates is based on the rating that Fitch has assigned to Rutgers, The State University General Obligation Refunding Bonds, 2013 Series J (Tax Exempt), serial bonds (rated 'AA-', Stable Outlook) that have been deposited in the 2016-XF2295 trust.

The long-term 'AA', Stable Outlook assigned to the series 2016-XF2296 Floater and Residual Certificates is based on the rating that Fitch has assigned to University of Massachusetts Building Authority Project Revenue Bonds, Senior Series 2013-1, term bonds (rated 'AA', Stable Outlook) that have been deposited in the 2016-XF2296 trust.

The long-term 'AA', Positive Outlook assigned to the series 2016-XF2297 Floater and Residual Certificates is based on the rating that Fitch has assigned to Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds) 2013 Series A, term bonds (rated 'AA', Positive Outlook) that have been deposited in the 2016-XF2297 trust.

The long-term 'AA+', Stable Outlook assigned to the series 2016-XF2298 Floater and Residual Certificates is based on the rating that Fitch has assigned to Wisconsin Health and Educational Facilities Authority Revenue Bonds (Ascension Health Senior Credit Group), Series 2012D, serial bonds (rated 'AA+', Stable Outlook) that have been deposited in the 2016-XF2298 trust.

The long-term 'AA', Stable Outlook assigned to the series 2016-XF2300 Floater and Residual Certificates is based on the rating that Fitch has assigned to The City of New York General Obligation Bonds, Fiscal Subseries A-1, serial bonds (rated 'AA', Stable Outlook) that have been deposited in the 2016-XF2300 trust.

The long-term 'AA', Stable Outlook assigned to the series 2016-XF2302 Floater and Residual Certificates is based on the rating that Fitch has assigned to State of Connecticut Special Tax Obligation Refunding Bonds Transportation Infrastructure Purposes, 2012 Series A, serial bonds (rated 'AA', Stable Outlook) that have been deposited in the 2016-XF2302 trust.

The long-term 'AA+', Stable Outlook assigned to the series 2016-XF2303 Floater and Residual Certificates is based on the rating that Fitch has assigned to State of Washington Motor Vehicle Fuel Tax General Obligation Refunding Bonds, Series R-2012D, serial bonds (rated 'AA+', Stable Outlook) that have been deposited in the 2016-XF2303 trust.

The long-term 'AA-', Stable Outlook assigned to the series 2016-XF2304 Floater and Residual Certificates is based on the rating that Fitch has assigned to The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Seventy-Ninth Series, serial bonds (rated 'AA-', Stable Outlook) that have been deposited in the 2016-XF2304 trust.

The short-term 'F1' assigned to the Floater Certificates is based on the liquidity facilities provided by Citibank, N.A. (rated 'A+/F1', Stable Outlook), which have a stated expiration date of June 1, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings assigned to the Floater Certificates 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 bonds deposited in the trusts. The long-term ratings assigned to the Floater and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to such ratings.

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=1006152

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1006152

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/20160616005940/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:
Sandro Scenga, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

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