Fitch Rates Various Tender Option Bond Series 2016XM and 2016ZM Trusts

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

--Floater Certificates, Series 2016-XM0202 'AA+/F1', Stable Outlook; Residual Certificates, Series 2016-XM0202 'AA+', Stable Outlook;

--Floater Certificates, Series 2016-XM0203 'AA/F1', Stable Outlook; Residual Certificates, Series 2016-XM0203 'AA', Stable Outlook;

--Floater Certificates, Series 2016-ZM0205 'AA+/F1', Stable Outlook; Residual Certificates, Series 2016-ZM0205 'AA+', Stable Outlook;

--Floater Certificates, Series 2016-ZM0206 'AA+/F1', Stable Outlook; Residual Certificates, Series 2016-ZM0206 'AA+', Stable Outlook;

--Floater Certificates, Series 2016-XM0207 'AA+/F1', Stable Outlook; Residual Certificates, Series 2016-XM0207 'AA+', Stable Outlook;

--Floater Certificates, Series 2016-XM0208 'AA+/F1', Stable Outlook; Residual Certificates, Series 2016-XM0208 'AA+', Stable Outlook;

--Floater Certificates, Series 2016-XM0209 'AA+/F1', Stable Outlook; Residual Certificates, Series 2016-XM0209 'AA+', Stable Outlook;

KEY RATING DRIVERS

The long-term 'AA+', Stable Outlook ratings assigned to the series 2016-XM0202, 2016-XM0208 and 2016-XM0209 Floater and Residual Certificates are based on the rating that Fitch has assigned to Wisconsin Health and Educational Facilities Authority Revenue Bonds (Ascension Senior Credit Group) Series 2016A (rated 'AA+', Stable Outlook) that have been deposited in the 2016-XM0202, 2016-XM0208 and 2016-XM0209 trusts.

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XM0203 Floater and Residual Certificates are based on the rating that Fitch has assigned to City and County of Denver, Colorado Dedicated Tax Revenue Refunding and Improvement Bonds, Series 2016A term bonds (rated 'AA', Stable Outlook) that have been deposited in the 2016-XM0203 trust.

The long-term 'AA+', Stable Outlook ratings assigned to the series 2016-ZM0205 Floater and Residual Certificates are based on the rating that Fitch has assigned to Alabama Special Care Facilities Financing Authority of the City of Mobile Revenue Bonds (Ascension Senior Credit Group) Series 2016C (rated 'AA+', Stable Outlook) that have been deposited in the 2016-ZM0205 trust.

The long-term 'AA+', Stable Outlook ratings assigned to the series 2016-ZM0206 and 2016-XM0207 Floater and Residual Certificates are based on the rating that Fitch has assigned to Alabama Special Care Facilities Financing Authority of the City of Birmingham Revenue Bonds (Ascension Senior Credit Group) Series 2016B (rated 'AA+', Stable Outlook) that have been deposited in the 2016-ZM0206 and 2016-ZM0207 trusts.

The short-term 'F1' ratings assigned to the Floater Certificates are based on the liquidity facilities provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Stable Outlook), which have a stated expiration date of April 15, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

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

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=1004302

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1004302

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/20160511006106/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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