Jan 11 - 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 9,
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'
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 Letter of Credit-Supported Bonds' (June 20, 2012);
--'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 9, 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
Enhanced U.S. Municipal Bonds and TOBs