Fitch Rates RBC Taxable TOB Trust, Series E-60
KEY RATING DRIVERS
The 'F1+' rating assigned to the floater notes is based on the rating that Fitch has assigned to the irrevocable direct-pay letter of credit (LOC) issued by Royal Bank of Canada, acting through a New York branch (RBC, rated 'AA/F1+', Stable Outlook) which provides payment of full and sufficient coverage of principal plus an amount equal to 363 days of interest at a maximum rate of 7% based on a year of 365/366 days and purchase price for tendered bonds.
The 'F1+' rating assigned to the floater notes will expire on July 1, 2016, the expiration date of the LOC, unless such date is extended or earlier terminated.
RATING SENSITIVITIES
The rating is exclusively tied to the short- and long-term rating that Fitch maintains on the bank providing the LOC and will reflect all changes to that rating.
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