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TEXT-Fitch takes rating actions on enhanced muni bonds, TOBs
March 1, 2012 / 6:31 PM / in 6 years

TEXT-Fitch takes rating actions on enhanced muni bonds, TOBs

 (The following statement was released by the rating agency)	
 March 1 - Fitch Ratings has taken various conforming rating actions on
enhanced municipal bonds and tender option bonds (TOBs) corresponding to actions
taken on their associated enhancement providers or underlying bonds.	
	
Long-term ratings on enhanced municipal bonds may be higher than those of their 	
enhancement providers as discussed in Fitch's 'Dual-Party Pay Criteria for 	
Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds', dated March 10, 	
2011.	
	
Short-term ratings on enhanced municipal bonds may be lower than those of their 	
liquidity providers, as discussed in Fitch's 'Rating Guidelines for 	
Variable-Rate Demand Obligations Issued with External Liquidity Support', dated 	
Feb. 1, 2012.	
	
Long-term ratings assigned to TOBs are the higher of the ratings assigned by 	
Fitch to the applicable enhancement providers supporting the bonds and the 	
ratings assigned by Fitch to the underlying bonds deposited in the issuing 	
trust. Short-term ratings on TOBs, if assigned, are based on ratings assigned by	
Fitch to their liquidity providers, with consideration given to the TOBs' 	
long-term ratings.	
	
Please see the corresponding spreadsheet for a full list of rating actions.	
	
	
Additional information is available at 'www.fitchratings.com'. The ratings above	
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been 	
compensated for the provision of the ratings.	
	
Applicable Criteria and Related Research: 	
	
--'U.S. Municipal Structured Finance Rating Criteria' (April 25, 2011);	
	
--'Rating Guidelines for Letter of Credit-Supported Bonds'(July 26, 2011);	
	
--'Rating Guidelines for Variable-Rate Demand Obligations Issued with External 	
Liquidity Support'(Feb. 1, 2012);	
	
--'Dual-Party Pay Criteria For Long-Term Ratings on LOC-Supported U.S. Public 	
Finance Bonds' (March 10, 2011);	
	
--'Rating Guidelines for Commercial Paper Note Programs Issued with External 	
Support' (April 11, 2011);	
	
--'Guidelines for Rating Tender Option Bond Securities' (May 25, 2011).	
	
Applicable Criteria and Related Research: Fitch Takes Various Rating Actions on 	
Enhanced U.S. Municipal Bonds and TOBs	
	
here	
	
Guidelines for Rating Tender Option Bond Securities	
	
here	
	
Rating Guidelines for Commercial Paper Note Programs Issued with External 	
Support 	
	
here	
	
Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public 	
Finance Bonds	
	
here	
	
Rating Guidelines for Variable-Rate Demand Obligations Issued with External 	
Liquidity Support	
	
here	
	
Rating Guidelines for Letter of Credit-Supported Bonds	
	
here	
	
U.S. Municipal Structured Finance Criteria	
	
here	
	
 (New York Ratings Team)	
 

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