Fitch Rates Eagle Tax-Exempt Class A and Class B Certificates Series 20160003 to 20160007
KEY RATING DRIVERS
The long-term 'AA', Stable Outlook ratings assigned to the class A and class B certificates are based on the rating that Fitch has assigned to the Regional Transportation District (Colorado) Sales Tax Revenue Refunding Bonds (FasTracks Project), Series 2007A (rated 'AA', Stable Outlook) that have been deposited in the trusts.
The short-term 'F1' rating assigned to the class A certificates is based on the tender option provided by Citibank, N. A. (rated 'A+/F1', Stable Outlook) as tender option provider. The stated expiration date of the tender option provided by Citibank as tender option provider for the class A certificates is Sept. 1, 2017, unless such date is extended or earlier terminated.
RATING SENSITIVITIES
The short-term rating assigned to the class A certificates reflects the short-term rating that Fitch maintains on the tender option provider and will be adjusted upward or downward in conjunction with the short-term rating of the tender option provider, and, in some cases, the long-term rating of the underlying bonds deposited in the trusts. The long-term rating assigned to the class A certificates and class B certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to such rating.
The ratings reflect:The credit enhancement available in the form of overcollateralization, subordination (for the class A notes only), a reserve account, and excess spread; and Vistana Portfolio Services Inc.'s servicing ability and experience in the timeshare market.The ratings reflect:The credit enhancement available in the form of overcollateralization, subordination (for the class A notes only), a reserve account, and excess sp
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