Fitch Rates Tender Option Bond Series 2016-XX1023 Trust
--Floater Certificates, Series 2016-XX1023 'AA-/F1'/Stable Outlook; Residual Certificates, Series 2016-XX1023 'AA-'/Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA-'/Stable Outlook ratings assigned to the series 2016-XX1023 Floater and Residual Certificates are based on the rating that Fitch has assigned to The Regents of the University of California Medical Center Pooled Revenue Bonds 2016 Series L (Tax-Exempt) (rated 'AA-'/Stable Outlook) that have been deposited in the series 2016-XX1023 trust.
The short-term 'F1' rating assigned to the Floater Certificates is based on the liquidity facility provided by Barclays Bank PLC (rated 'A/F1'/Stable Outlook) in the form a liquidity and loan agreement, which has a stated expiration date of Aug. 1, 2017, unless such date is extended or earlier terminated.
The short-term rating assigned to the Floater Certificates 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 and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such rating.