OREANDA-NEWS. February 23, 2016. Fitch Ratings affirms the following ratings assigned to the floaters and residuals of the Wells Fargo Stage Trust series listed below:

--Series 2009-37C floaters 'AA/F1+', Stable Outlook; residuals 'AA', Stable Outlook;
--Series 2009-87C floaters 'AA/F1+', Stable Outlook; residuals 'AA', Stable Outlook;
--Series 2010-1C floaters 'AA/F1+', Stable Outlook; residuals 'AA', Stable Outlook;
--Series 2011-16C floaters 'AA+/F1+', Stable Outlook; residuals 'AA+', Stable Outlook.

KEY RATING DRIVERS

The affirmation of the long- and short-term ratings are in connection with amendments made to the trust agreements to restructure the trusts to not constitute a covered fund under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Following the amendments, the floaters will bear interest over a period of time defined as a term period. Term periods are set by the applicable sponsor and will be between 90 and 366 days long and will utilize the index method or fixed method as the applicable reset rate method. The initial reset rate method for each of the floaters above will be the index method.

The long-term 'AA', Stable Outlook rating assigned to the series 2009-37C floaters and residual certificates continues to be based on the Harbor Department of the City of Los Angeles Revenue Bonds, 2009 Series B (rated 'AA', Stable Outlook) deposited in the trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2009-87C floaters and residuals continues to be based on the higher of the rating that Fitch has assigned to the Department of Water and Power of the City of Los Angeles, Water System Revenue Bonds, 2006 Series A, Subseries A-1 and 2007 Series A, Subseries A-2 (rated 'AA', Stable Outlook) that have been deposited in the Trust and the rating that Fitch has assigned to the custodial level credit enhancement in the form of a swap agreement provided by Wells Fargo & Company (rated 'AA-/F1+', Stable Outlook) securing the Custodial Receipts deposited in the trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2010-1C floaters and residuals continues to be based on the higher of the rating that Fitch has assigned to the Franklin County Industrial Development Authority, Pennsylvania Fixed Rate Revenue Bonds (The Chambersburg Hospital Project) Series 2010 (rated 'A+', Stable Outlook) that have been deposited in the Trust and the rating that Fitch has assigned to the custodial level credit enhancement in the form of a swap agreement provided by Wells Fargo Bank, N.A. (rated 'AA/F1+', Stable Outlook) securing the Custodial Receipts deposited in the trust.

The long-term 'AA+', Stable Outlook rating assigned to the series 2011-16C floaters and residual certificates continues to be based on the State of Washington Various Purpose General Obligation Bonds, Series 2011B and State of Washington Motor Vehicle Fuel Tax General Obligation Bonds, Series 2012E (currently rated 'AA+', Stable Outlook) deposited in the trust.

The amendments to the trust agreements will also remove the floater holder's right to optionally tender their floaters for purchase. At the end of each term period, the floaters will be subject to mandatory tender and remarketing by the remarketing agent. The liquidity bank is obligated the make payment for the purchase price of tendered floaters that are not remarketed following a mandatory tender. As a result of these changes, the short-term rating assigned to the floaters will reflect the liquidity bank's obligation to fund the payment of purchase price for unremarketed floaters following a mandatory tender only.

The 'F1+' rating assigned to the series 2009-37C and 2009-87C floater certificates is based on the liquidity facilities provided by Wells Fargo & Company (rated 'AA-/F1+', Stable Outlook), which have a stated expiration date of Feb. 17, 2017 unless such date is extended or earlier terminated.

The 'F1+' rating assigned to the series 2010-1C and 2011-16C floater certificates is based on the liquidity facilities provided by Wells Fargo Bank, N.A. (rated 'AA/F1+', Stable Outlook), which have a stated expiration date of Feb. 17, 2017 unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the floater certificates reflects the short-term rating that Fitch maintains on the bank providing liquidity support and 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 assets deposited in the trust. The long-term ratings assigned to the series 2009-87C and 2010-1C floater and residual certificates are tied to the long-term ratings assigned to the creditworthiness of the underlying bonds deposited in the trusts and the long-term ratings that Fitch maintains on the banks providing credit enhancement. Changes to one or both of these ratings may affect the long-term ratings assigned to the floater and residual certificates. The long-term ratings assigned to the series 2009-37C and 2011-16C floater and residual certificates are exclusively tied to the long-term rating assigned to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.