Fitch Rates 3 Tender Option Bond Series Trusts

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

--Floater Receipts, Series 2015-XF0152 - 'AA/F1', Stable Outlook; Residual Receipts, Series 2015-XF0152 -'AA', Stable Outlook;

--Floater Receipts, Series 2015-XF0153 - 'AA/F1', Stable Outlook; Residual Receipts, Series 2015-XF0153 -'AA', Stable Outlook;

--Floater Receipts, Series 2015-ZF0170 - 'AA-/F1', long-term rating on Rating Watch Negative; Residual Receipts, Series 2015-ZF0170 -'AA-', Rating Watch Negative.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XF0152 Floater Receipts and series 2015-XF0152 Residual Receipts are based on the ratings that Fitch has assigned to California Health Facilities Financing Authority revenue bonds (Lucile Salter Packard Children's Hospital at Stanford), 2012 series A and 2014 series A (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XF0152 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XF0153 Floater Receipts and series 2015-XF0153 Residual Receipts are based on the ratings that Fitch has assigned to Washington Health Care Facilities Authority revenue bonds series 2010A and 2012A (Seattle Children's Hospital) (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XF0153 trust.

The long-term 'AA-', Rating Watch Negative ratings assigned to the series 2015-ZF0170 Floater Receipts and series 2015-ZF0170 Residual Receipts are based on the ratings that Fitch has assigned to El Paso County Hospital District combination tax and revenue receipts of obligation, series 2013 (rated 'AA-', Rating Watch Negative) that have been deposited in the series 2015-ZF0170 trust.

The short-term 'F1' rating assigned to the series 2015-XF0152 and 2015-XF0153 Floater Receipts is based on the liquidity facilities provided by Bank of America, N.A. (rated 'A+/F1', Stable Outlook). The short-term 'F1+' rating assigned to the series 2015-ZF0170 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+', Stable Outlook). The short-term ratings assigned to the Floater Receipts will expire on May 15, 2016, the expiration date of all the liquidity facilities, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating 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 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 Receipts and Residual Receipts are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.

Additional information is available on 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

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=985462

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/20150528006156/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:
Mario Civico
Senior Director
+1-212-908-0796
or
Committee Chairperson:
Joseph Staffa
Senior Director
+1-212-908-0829
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
[email protected]

Source: Fitch Ratings

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