Fitch Rates Tender Option Bond Series 2015-ZM0088 Trust
--Floater Receipts, Series 2015-ZM0088 - 'AA-/F1+', Stable Outlook; Residual Receipts, Series 2015-ZM0088 -'AA-', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-ZM0088 Floater Receipts and series 2015-ZM0088 Residual Receipts are based on the ratings that Fitch has assigned to Pennsylvania Economic Development Financing Authority UPMC Revenue Bonds, Series 2015B (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-ZM0088 trust.
The short-term 'F1+' rating assigned to the 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 Oct. 15, 2016, unless such date is extended or earlier terminated.
The short-term rating assigned to the Floater Receipts 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 underlying bonds deposited in the trust. The long-term ratings assigned to the Floater Receipts and Residual Receipts are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.