Fitch Ratings assigns the following ratings to the Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) of the Tender Option Bond Trust series listed below:
Series 2015-XF0027
--Floater Receipts 'AA-/F1', Stable Outlook;
--Residual Receipts 'AA-', Stable Outlook.
Series 2015-XF0029
--Floater Receipts 'AA-/F1', Stable Outlook;
--Residual Receipts 'AA-', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF0027 Floater Receipts and series 2015-XF0027 Residual Receipts are based on the ratings that Fitch has assigned to Chicago Park District General Obligation Unlimited Tax Bonds (Harbor Facilities Revenues Alternate Revenue Source), Series 2010C (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF0027 trust.
The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF0029 Floater Receipts and series 2015-XF0029 Residual Receipts are based on the ratings that Fitch has assigned to County of Montgomery, Ohio revenue bonds, series 2011A (Miami Valley Hospital) (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF0029 trust.
The short-term 'F1' rating assigned to the series 2015-XF0027 and 2015-XF0029 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'A+/F1', Stable Outlook). The 'F1' rating assigned to the Floater Receipts will expire on Dec. 15, 2015, the expiration date of the liquidity facility, unless such date is extended or earlier terminated.
RATING SENSITIVITIES
The short-term rating assigned to the Floater Receipts 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 Receipts and Residual Receipts 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 and Related Research:
--'U.S. Municipal Structured Finance Criteria', Feb. 24, 2014;
--'Guidelines for Rating Tender Option Bonds', May 9, 2013.
Applicable Criteria and Related Research:
U.S. Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=736618
Guidelines for Rating Tender Option Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=970955
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.
