OREANDA-NEWS. Fitch Ratings confirms the following ratings assigned to the floater and residual certificates of the Wells Fargo Stage Trust series listed below:

--Series 2011-94C: floaters--'AA-/F1+', Stable Outlook; residuals--'AA-', Stable Outlook;
--Series 2011-136C: floaters--'AA+/F1+', Stable Outlook; residuals--'AA+', Stable Outlook;
--Series 2011-107C: floaters--'AA-/F1+', Stable Outlook; residuals--'AA-', Stable Outlook;
--Series 2010-3C: floaters--'AA-/F1+', Stable Outlook; residuals--'AA-', Stable Outlook.

KEY RATING DRIVERS

The confirmation of the long- and short-term ratings are in connection with amendments made to the trust agreements to restructure the trusts to not constitute a covered fund under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Following the amendments, the floaters will bear interest over a period of time defined as a term period. Term periods are set by the applicable sponsor and will be between 90 and 366 days long and will utilize the index method or fixed method as the applicable reset rate method. The initial reset rate method for each of the floaters above will be the fixed method.

At the end of each term period, the floaters will be subject to mandatory tender and remarketing by the remarketing agent. The liquidity bank is obligated the make payment for the purchase price of tendered floaters that are not remarketed following a mandatory tender. The amendments to the trust agreements will also remove the floater holder's right to optionally tender their floaters for purchase. As a result of these changes, the short-term rating assigned to the floaters will only reflect the liquidity bank's obligation to fund the payment of purchase price for unremarketed floaters following a mandatory tender.

The 'F1+' rating assigned to the floater certificates will expire on April 8, 2016, the expiration date of the liquidity facilities, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the floater certificates reflects the short-term rating that Fitch maintains on the bank providing liquidity support and 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 assets deposited in the trust. The long-term ratings assigned to the series 2011-136C floater and residual certificates and trust receipts are tied to the long-term rating assigned to the creditworthiness of the underlying bond deposited in the trust and will reflect all changes to that rating. The long-term ratings assigned to the series 2010-3C, 2011-94C and 2011-107C floater and residual certificates and trust receipts are tied to the long-term rating assigned to the creditworthiness of the underlying bond deposited in the trust and the long-term rating that Fitch maintains on the bank providing credit enhancement. Changes to one or both of these ratings may affect the long-term rating assigned to the bonds.