Fitch Ratings has taken various conforming rating actions on enhanced
municipal bonds and tender option bonds (TOBs) corresponding to actions
taken on their associated enhancement providers or underlying bonds.
Long-term ratings on enhanced municipal bonds may be higher than those
of their enhancement providers as discussed in Fitch's 'Dual-Party Pay
Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance
Bonds', dated March 8, 2013.
Short-term ratings on enhanced municipal bonds may be lower than those
of their liquidity providers, as discussed in Fitch's 'Rating Guidelines
for Variable-Rate Demand Obligations Issued with External Liquidity
Support', dated Jan. 31, 2013.
Long-term ratings assigned to TOBs are the higher of the ratings
assigned by Fitch to the applicable enhancement providers supporting the
bonds and the ratings assigned by Fitch to the underlying bonds
deposited in the issuing trust. Short-term ratings on TOBs, if assigned,
are based on ratings assigned by Fitch to their liquidity providers,
with consideration given to the TOBs' long-term ratings.
Please see the corresponding spreadsheet for a full list of rating
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Rating Guidelines for Letter of Credit-Supported Bonds' (June 14,
--'Rating Guidelines for Variable-Rate Demand Obligations and Commercial
Paper Issued with External Liquidity Support' (Jan. 31, 2013);
--'Dual-Party Pay Criteria For Long-Term Ratings on LOC-Supported U.S.
Public Finance Bonds' (March 8, 2013);
--'Guidelines for Rating Tender Option Bonds' (May 9, 2013).
Applicable Criteria and Related Research: Fitch Takes Various Rating
Actions on Enhanced U.S. Municipal Bonds and TOBs
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF
THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE
RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR
RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
Fitch Ratings, Inc.
New York, NY 10004
Elizabeth Fogerty, +1-212-908-0526 (New York)