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TEXT-Fitch takes rating actions on enhanced muni bonds and TOBs
September 13, 2012 / 5:01 PM / 5 years ago

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

Sept. 13 - Link to Fitch Ratings’ Report: Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBsFitch 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 9, 2012. 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. Contact: Primary Analyst Jeff Schaub Managing Director +1-212-908-0680 Fitch, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst Ferona Leonard Senior Director +1-212-908-0541 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com.

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