Fitch Rates Tender Option Bond Trusts 2015-XF2172 Trust
OREANDA-NEWS. Fitch Ratings assigns the following ratings to the Floater Certificates and Residual Certificates of the Tender Option Bond Trust series listed below:
--Floater Certificates, Series 2015-XF2172 - 'AA+/F1', Stable Outlook; Residual Certificates, Series 2015-XF2172 - 'AA+', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA+', Stable Outlook ratings assigned to the series 2015-XF2172 Floater Certificates and series 2015-XF2172 Residual Certificates are based on the ratings that Fitch has assigned to the State of Washington Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C , serial bonds (rated 'AA+', Stable Outlook) that have been deposited in the series 2015-XF2172 trust.
The short-term 'F1' rating assigned to the Floater Certificates is based on the liquidity facility provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Stable Outlook), which has a stated expiration date of Nov. 15, 2016, unless such date is extended or earlier terminated.
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 underlying assets deposited in the trust. The long-term rating assigned to the Floater Certificates and Residual Certificates is exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.