OREANDA-NEWS. Fitch Ratings assigns the following ratings to the RBC Municipal Floater Certificates, RBC Municipal Residual Certificates and Trust Receipts of the RBC Municipal Products, LLC Trust series listed below:

--Floater Certificates, Series E-65 - 'AA/F1+', Stable Outlook;
--Residual Certificates, Series E-65 - 'AA', Stable Outlook;
--Trust Receipts, Series 2015-E65 - 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series E-65 floater and residual certificates and trust receipts are 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) securing the trust receipts deposited in the trust. The short-term 'F1+' rating is based on the liquidity facility provided by RBC. The initial rate mode for the floater certificates will be the SIFMA term mode which expires on Oct. 1, 2015. Floater certificate holders may not optionally tender their bonds in a term mode that is greater than 30 days in length and therefore the short-term rating assigned to the floaters will only reflect the liquidity bank's obligation to fund the payment of purchase price for unremarketed floaters following a mandatory tender.

The 'AA' credit enhanced ratings assigned to the floater and residual certificates and trust receipts will expire on Jan. 9, 2017, the expiration date of the LOC, unless such date is extended or earlier terminated.

The 'F1+' rating assigned to the Floater Certificates will expire on January 9, 2017, the expiration date of the liquidity facility, 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 liquidity facility and will reflect all changes to that rating.