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TEXT-Fitch takes various rating actions on TOBs
January 25, 2013 / 6:36 PM / 5 years ago

TEXT-Fitch takes various rating actions on TOBs

Jan 25 - Fitch Ratings has taken various conforming rating actions on tender
option bonds (TOBs) corresponding to actions taken on their associated
enhancement providers or underlying bonds.

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 Criteria' (Feb. 28, 2012);
--'Rating Guidelines for Variable-Rate Demand Obligations Issued with External
Liquidity Support' (Feb. 1, 2012);
--'Rating Guidelines for Commercial Paper Note Programs Issued with External
Support' (March 19, 2012);
--'Guidelines for Rating Tender Option Bond Securities' (May 10, 2012).

Applicable Criteria and Related Research: Fitch Takes Various Rating Actions on
TOBs

Our Standards:The Thomson Reuters Trust Principles.
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