Fitch Rates Tender Option Bond Series 2016-ZF2314 Trust

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to the floater certificates and residual certificates of the Tender Option Bond Series Trust listed below:

--Floater certificates, series 2016-ZF2314 'AA-/F1'/Outlook Stable;

--Residual certificates, series 2016-ZF2314 'AA-'/Outlook Stable.

KEY RATING DRIVERS

The long-term 'AA-'/Outlook Stable ratings assigned to the series 2016-ZF2314 floater and residual certificates are based on the rating that Fitch has assigned to the Metropolitan Washington Airports Authority Airport System revenue refunding bonds series 2012A (rated 'AA-'/Outlook Stable) that have been deposited in the series 2016-ZF2314 trust.

The short-term 'F1' ratings assigned to the series floater certificates is based on the liquidity facility provided by Barclays Bank PLC (rated 'A/F1'/Outlook Stable), which has a stated expiration date of July 1, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the floater certificates 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 certificates and residual certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such rating.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Criteria for Rating Tender Option Bonds (pub. 07 Apr 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879516

U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862222

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1008564

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1008564

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE 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 WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160707006038/en/

Fitch Ratings
Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Linda Friedman
Senior Director
+1-212-908-0727
or
Committee Chairperson
Joseph Staffa
Senior Director
+1-212-908-0829
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
[email protected]

Source: Fitch Ratings

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