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-XF1011 'AA+/F1'; Stable Outlook;

--Residual Certificates, Series 2015-XF1011 'AA+'; Stable Outlook;

--Floater Certificates, Series 2015-XF1014 'AA+/F1'; Stable Outlook;

--Residual Certificates, Series 2015-XF1014 'AA+'; Stable Outlook;

--Floater Certificates, Series 2015-XF1016 'AA-/F1'; Stable Outlook;

--Residual Certificates, Series 2015-XF1016 'AA-'; Stable Outlook;

--Floater Certificates, Series 2015-XF1018 'AA-/F1'; Stable Outlook;

--Residual Certificates, Series 2015-XF1018 'AA-'; Stable Outlook;

--Floater Certificates, Series 2015-XF2110 'AA+/F1',; Stable Outlook;

--Residual Certificates, Series 2015-XF2110 'AA+'; Stable Outlook;

--Floater Certificates, Series 2015-XF2112 'AA-/F1'; Stable Outlook;

--Residual Certificates, Series 2015-XF2112 'AA-'; Stable Outlook;

--Floater Certificates, Series 2015-XF2113 'AA+/F1'; Stable Outlook;

--Residual Certificates, Series 2015-XF2113 'AA+'; Stable Outlook;

--Floater Certificates, Series 2015-XF2115 'AAA/F1'; Stable Outlook;

--Residual Certificates, Series 2015-XF2115 'AAA'; Stable Outlook;

KEY RATING DRIVERS

The Long-term 'AA+'; Stable Outlook ratings assigned to the series 2015-XF1011 Floater Certificates and series 2015-XF1011 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 2012 Series AA and Fiscal 2014 Series BB (rated 'AA+'; Stable Outlook) that have been deposited in the series 2015-XF1011 trust.

The Long-term 'AA+'; Stable Outlook ratings assigned to the series 2015-XF1014 Floater Certificates and series 2015-XF1014 Residual Certificates are based on the ratings that Fitch has assigned to New York State Urban Development Corporation State Personal Income Tax Revenue Bonds (General Purpose) Series 2013A-1 (rated 'AA+'; Stable Outlook) that have been deposited in the series 2015-XF1014 trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series 2015-XF1016 Floater Certificates and series 2015-XF1016 Residual Certificates are based on the ratings that Fitch has assigned to The Hospital Authority of Hall County and the City of Gainesville Revenue Anticipation Certificates (Northeast Georgia Health System, Inc. Project), Series 2014A (rated

'AA-'; Stable Outlook) that have been deposited in the series 2015-XF1016 trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series 2015-XF1018 Floater Certificates and series 2015-XF1018 Residual Certificates are based on the ratings that Fitch has assigned to Washington Health Care Facilities Authority Revenue Bonds, Series 2015A (MultiCare Health System) (rated 'AA-'; Stable Outlook) that have been deposited in the series 2015-XF1018 trust.

The Long-term 'AA+'; Stable Outlook ratings assigned to the series 2015-XF2110 Floater Certificates and series 2015-XF2110 Residual Certificates are based on the ratings that Fitch has assigned to San Bernardino County Transportation Authority Sales Tax Revenue Bonds (Limited Tax Bonds) 2014 Series A, term bonds (rated 'AA+'; Stable Outlook) that have been deposited in the series 2015-XF2110 trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series 2015-XF2112 Floater Certificates and series 2015-XF2112 Residual Certificates are based on the ratings that Fitch has assigned to The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Eighty-fifth Series, serial bonds (rated 'AA-'; Stable Outlook) that have been deposited in the series 2015-XF2112 trust.

The Long-term 'AA+'; Stable Outlook ratings assigned to the series 2015-XF2113 Floater Certificates and series 2015-XF2113 Residual Certificates are based on the ratings that Fitch has assigned to State of North Carolina Limited Obligation Refunding Bonds, Series 2014C, serial bonds (rated 'AA+'; Stable Outlook) that have been deposited in the series 2015-XF2113 trust.

The Long-term 'AAA'; Stable Outlook ratings assigned to the series 2015-XF2115 Floater Certificates and series 2015-XF2115 Residual Certificates are based on the ratings that Fitch has assigned to Orange County Sanitation District Wastewater Refunding Revenue Obligations, Series 2015A, serial bonds (rated 'AAA'; Stable Outlook) that have been deposited in the series 2015-XF2115 trust.

The Short-term 'F1' rating assigned to the series 2015-XF1011, 2015-XF1014, 2015-XF1016 and 2015-XF1018 Floater Certificates is based on the liquidity facilities provided by Deutsche Bank AG New York Branch (rated 'A/F1'; Negative Outlook). The 'F1' rating assigned to the series 2015-XF1011, 2015-XF1014, 2015-XF1016 and 2015-XF1018 Floater Certificates will expire on June 15, 2016, the expiration date of the liquidity facilities, unless such date is extended or earlier terminated.

The Short-term 'F1' rating assigned to the series 2015-XF2110, 2015-XF2112, 2015-XF2113 and 2015-XF2115 Floater Certificates is based on the liquidity facilities provided by Citibank, N.A. (rated 'A+/F1'; Stable Outlook) in the form of four separate shortfall liquidity swap agreements. The 'F1' rating assigned to the series 2015-XF2110, 2015-XF2112, 2015-XF2113 and 2015-XF2115 Floater Certificates will expire on June 1, 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 ratings that Fitch maintains on the respective bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the respective 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=986967

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986967

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/20150625006098/en/

Fitch Ratings, Inc.
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, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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