TEXT-Fitch takes various rating actions on TOBs

Wed Nov 21, 2012 10:45am EST

Nov 21 - Link to Fitch Ratings' Report: Fitch Takes Various Rating Actions
on TOBs.Nov 21 - 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:
U.S. Municipal Structured Finance Criteria
Rating Guidelines for Variable-Rate Demand Obligations Issued with External
Liquidity Support
Rating Guidelines for Commercial Paper Note Programs Issued with External
Support
Guidelines for Rating Tender Option Bonds
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