Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs
Long-term ratings on enhanced municipal bonds may be higher than those of their enhancement providers as discussed in Fitch's 'Rating Criteria for Letter of Credit-Supported Bonds and Commercial Paper', dated April 5, 2016.
Short-term ratings on enhanced municipal bonds may be lower than those of their liquidity providers, as discussed in Fitch's 'Rating Criteria for Variable-Rate Demand Obligations Issued with External Liquidity Support', dated Jan. 28, 2016.
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.