Fitch Rates Tender Option Bond Series 2016-ZF0515 Trust
--Floater Receipts, Series 2016-ZF0515 'AAA/F1+', Stable Outlook;
--Residual Receipts, Series 2016 ZF0515 'AAA', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AAA', Stable Outlook ratings assigned to the series 2016-ZF0515 Floater and Residual Receipts are based on the rating that Fitch has assigned to New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds, Fiscal 2017 Subseries B-1 (rated 'AAA', Stable Outlook) that have been deposited in the series 2016-ZF0515 trust.
The short-term 'F1+' rating assigned to the series 2016-ZF0515 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N. A. (rated 'AA-/F1+', Stable Outlook), which has a stated expiration date of Sept. 15, 2017, unless such date is extended or earlier terminated.
The short-term rating assigned to the Floater Receipts 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 rating assigned to the Floater Receipts and Residual Receipts is exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such rating.