Fitch Rates 4 Tender Option Bond Series 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 2015-XM0016 - 'AA+/F1', Stable Outlook; Residual Certificates, Series 2015-XM0016 -'AA+', Stable Outlook;

--Floater Certificates, Series 2015-XM0017 - 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XM0017 -'AA-', Stable Outlook;

--Floater Certificates, Series 2015-XM0018 - 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XM0018 -'AA-', Stable Outlook;

--Floater Certificates, Series 2015-XM0025 - 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XM0025 -'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XM0016 Floater Certificates and series 2015-XM0016 Residual Certificates are based on the ratings that Fitch has assigned to New York City Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Series BB (rated 'AA+', Stable Outlook) that have been deposited in the series 2015-XM0016 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XM0017 Floater Certificates and series 2015-XM0017 Residual Certificates are based on the ratings that Fitch has assigned to Commonwealth of Pennsylvania, General Obligation Bonds, First Series of 2014 (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XM0017 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XM0018 Floater Certificates and series 2015-XM0018 Residual Certificates are based on the ratings that Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels), General Revenue Bonds, Series 2013C, Term Bonds (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XM0018 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XM0025 Floater Certificates and series 2015-XM0025 Residual Certificates are based on the ratings that Fitch has assigned to General Authority of Southcentral Pennsylvania, Revenue Bonds, Series 2014A (WellSpan Health Obligated Group), Term Bonds (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF0142 trust.

The short-term 'F1' rating assigned to the Floater Certificates is based on the liquidity facilities provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Stable Outlook). The 'F1' rating assigned to the Floater Certificates will expire on May 15, 2016, the expiration date of the liquidity facility, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Floater Certificates 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 Certificates and Residual Certificates 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 at '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=985458

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/20150528006075/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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