Fitch Rates Various Tender Option Bond Series 2016-XG Trusts
--Floater Certificates Series 2016-XG0047 'AA-/F1', Stable Outlook; Residual Certificates Series 2016-XG0047 'AA-', Stable Outlook;
--Floater Certificates Series 2016-XG0048 'AA-/F1', Stable Outlook; Residual Certificates Series 2016-XG0048 'AA-', Stable Outlook;
--Floater Certificates Series 2016-XG0049 'AA/F1', Stable Outlook; Residual Certificates Series 2016-XG0049 'AA', Stable Outlook;
--Floater Certificates Series 2016-XG0051 'AA-/F1', Stable Outlook; Residual Certificates Series 2016-XG0051 'AA-', Stable Outlook;
--Floater Certificates Series 2016-XG0056 'AA/F1', Stable Outlook; Residual Certificates Series 2016-XG0056 'AA', Stable Outlook;
--Floater Certificates Series 2016-XG0060 'AA-/F1', Stable Outlook; Residual Certificates Series 2016-XG0060 'AA-', Stable Outlook;
--Floater Certificates Series 2016-XG0061 'AA/F1', Stable Outlook; Residual Certificates Series 2016-XG0061 'AA', Stable Outlook;
--Floater Certificates Series 2016-XG0062 'AA-/F1', Stable Outlook; Residual Certificates Series 2016-XG0062 'AA-', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA-', Stable Outlook ratings assigned to the series 2016-XG0047 Floater and Residual Certificates are based on the rating that Fitch has assigned to the New Jersey Health Care Facilities Financing Authority Revenue Bonds Virtua Health Issue, Series 2009A (rated 'AA-', Stable Outlook) that have been deposited in the 2016- XG0047 trust.
The long-term 'AA-', Stable Outlook ratings assigned to the series 2016-XG0048 Floater and Residual Certificates are based on the rating that Fitch has assigned to the California Health Facilities Financing Authority Revenue Bonds (Sutter Health) Series 2011B and California Statewide Communities Development Authority Revenue Bonds (Sutter Health) Series 2011A (rated 'AA-', Stable Outlook) that have been deposited in the 2016-XG0048 trust.
The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XG0049 Floater and Residual Certificates are based on the rating that Fitch has assigned to the California Health Facilities Financing Authority Revenue Bonds (Stanford Hospital and Clinics) 2012 Series A (rated 'AA', Stable Outlook) that have been deposited in the 2016-XG0049 trust.
The long-term 'AA-', Stable Outlook ratings assigned to the series 2016-XG0051 Floater and Residual Certificates are based on the rating that Fitch has assigned to the Washington Health Care Facilities Authority Revenue Bonds, Series 2012A (MultiCare Health System) (rated 'AA-', Stable Outlook) that have been deposited in the 2016-XG0051 trust.
The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XG0056 Floater and Residual Certificates are based on the rating that Fitch has assigned to the Kansas Development Finance Authority Hospital Revenue Refunding Bonds, Series 2012A (Adventist Health System/Sunbelt Obligated Group) (rated 'AA', Stable Outlook) that have been deposited in the 2016- XG0056 trust.
The long-term 'AA-', Stable Outlook ratings assigned to the series 2016-XG0060 Floater and Residual Certificates are based on the rating that Fitch has assigned to the Sacramento Municipal Utility District Sacramento, California Electric Revenue Bonds 2013 Series A (rated 'AA-', Stable Outlook) that have been deposited in the 2016- XG0060 trust.
The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XG0061 Floater and Residual Certificates are based on the rating that Fitch has assigned to The Regents of the University of California General Revenue Bonds 2013 Series AF (rated 'AA', Stable Outlook) that have been deposited in the 2016-XG0061 trust.
The long-term 'AA-', Stable Outlook ratings assigned to the series 2016-XG0062 Floater and Residual Certificates are based on the rating that Fitch has assigned to the New York Liberty Development Corporation Liberty Revenue Bonds, Series 1WTC-2011 (Secured by Port Authority Consolidated Bonds) (rated 'AA-', Stable Outlook) that have been deposited in the 2016-XG0062 trust.
The short-term 'F1' ratings assigned to the Floater Certificates are based on the liquidity facilities provided by Deutsche Bank AG New York Branch (rated 'A-/F1', Stable Outlook), which have a stated expiration date of June 1, 2017, unless such date is extended or earlier terminated.
RATING SENSITIVITIES
The short-term ratings 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 trusts. The long-term ratings assigned to the Floater and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to such ratings.
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