S&P: Riftstone Trust Series 2016-5 BUD Certificates Assigned Rating
The 'A-' rating reflects our opinion of the likelihood that the trust will have sufficient assets to pay timely interest and principal on the certificates when due. These assets include the underlying securities, which comprise either floating-rate senior notes due Feb. 1, 2021, issued by Anheuser-Busch InBev Finance Inc. ('A-'; the BUD notes) or U. S. Treasury separate trading of registered interest and principal securities (STRIPS) due Jan. 31, 2021 ('AA+'). The STRIPS could replace the BUD notes at the option of Wells Fargo Bank N. A. ('AA-/Stable/A-1+') upon an additional termination event described in the option agreement's schedule, which Wells Fargo Bank N. A. entered into with the trust.
Our rating on the certificates depends on the lower of our ratings on the underlying securities and our long-term issuer credit rating on the option agreement counterparty, Wells Fargo Bank N. A. Based on our analysis, we believe the trust's assets support the full and timely payment of all obligations on the certificates, except in certain circumstances.
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