Fitch Rates 8 Tender Option Bond Series 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 2015-ZF2061 'AA/F1'; Stable Outlook;

--Residual Certificates Series 2015-ZF2061 'AA'; Stable Outlook;

--Floater Certificates Series 2015-ZF2063 'AA/F1'; Stable Outlook;

--Residual Certificates Series 2015-ZF2063 'AA'; Stable Outlook;

--Floater Certificates Series 2015-ZF2069 'AA+/F1'; Stable Outlook;

--Residual Certificates Series 2015-ZF2069 'AA+'; Stable Outlook;

--Floater Certificates Series 2015-ZF2077 'AA-/F1'; Stable Outlook;

--Residual Certificates Series 2015-ZF2077 'AA-'; Stable Outlook;

--Floater Certificates Series 2015-ZF2078 'AA-/F1'; Stable Outlook;

--Residual Certificates Series 2015-ZF2078 'AA-'; Stable Outlook;

--Floater Certificates Series 2015-ZF2081 'AA/F1'; Stable Outlook;

--Residual Certificates Series 2015-ZF2081 'AA'; Stable Outlook;

--Floater Certificates Series 2015-ZF2082 'AA/F1'; Stable Outlook;

--Residual Certificates Series 2015-ZF2082 'AA'; Stable Outlook;

--Floater Certificates Series 2015-ZF2092 'AA-/F1'; Stable Outlook;

--Residual Certificates Series 2015-ZF2092 'AA-'; Stable Outlook.

KEY RATING DRIVERS

The Long-term 'AA' ratings with a Stable Outlook assigned to the series 2015-ZF2061 Floater Certificates and series 2015-ZF2061 Residual Certificates 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), 2014 Series A, term bonds (rated 'AA'; Stable Outlook) that have been deposited in the series 2015-ZF2061 trust.

The Long-term 'AA'; Stable Outlook ratings assigned to the series 2015-ZF2063 Floater Certificates and series 2015-ZF2063 Residual Certificates are based on the ratings that Fitch has assigned to Department of Airports of the City of Los Angeles, California, Los Angeles International Airport, Senior Revenue Bonds, 2012 Series B (Private Activity - Non-AMT), term bonds (rated 'AA'; Stable Outlook) that have been deposited in the series 2015-ZF2063 trust.

The Long-term 'AA+'; Stable Outlook ratings assigned to the series 2015-ZF2069 Floater Certificates and series 2015-ZF2069 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 CC, serial bonds (rated 'AA+'; Stable Outlook) that have been deposited in the series 2015-ZF2069 trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series 2015-ZF2077 and 2015-ZF2078 Floater Certificates and series 2015-ZF2077 and 2015-ZF2078 Residual Certificates are based on the ratings that Fitch has assigned to California Statewide Communities Development Authority, Revenue Bonds (Cottage Health System Obligated Group), Series 2015, term bonds (rated 'AA-'; Stable Outlook) that have been deposited in the series 2015-ZF2077 and 2015-ZF2078 trusts.

The Long-term 'AA'; Stable Outlook ratings assigned to the series 2015-ZF2081 Floater Certificates and series 2015-ZF2081 Residual Certificates are based on the ratings that Fitch has assigned to University of Massachusetts Building Authority, Project Revenue Bonds Senior Series 2014-1, term bonds (rated 'AA'; Stable Outlook) that have been deposited in the series 2015-ZF2048 trust.

The Long-term 'AA'; Stable Outlook ratings assigned to the series 2015-ZF2082 Floater Certificates and series 2015-ZF2082 Residual Certificates are based on the ratings that Fitch has assigned to Washington Health Care Facilities Authority, Revenue Bonds, Series 2014D (Providence Health & Services) term bonds (rated 'AA', Stable Outlook) that have been deposited in the series 2015-ZF2082 trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series 2015-ZF2092 Floater Certificates and series 2015-ZF2092 Residual Certificates are based on the ratings that Fitch has assigned to Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, 2014 Series A, term bonds (rated 'AA-'; Stable Outlook) that have been deposited in the series 2015-ZF2092 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 series Floater Certificates will expire on June 15, 2016, the expiration date of the liquidity facilities, 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

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=986613

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986613

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/20150618005890/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:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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