February 4, 2013 / 5:36 PM / 5 years ago

TEXT - Fitch takes rating actions on TOBs

Feb 4 - 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.
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