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

--Floater Certificates, Series E-67 - 'AA/F1+'; Negative Outlook;
--Residual Certificates, Series E-67 - 'AA'; Negative Outlook;
--Trust Receipts, Series 2016-E67 - 'AA'; Negative Outlook.

KEY RATING DRIVERS

The long-term 'AA', Negative Outlook rating assigned to the series E-67 Floater and Residual Certificates and Trust Receipts 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+'; Negative Outlook), which has a stated expiration date of Nov. 20, 2020, unless such date is extended or earlier terminated, which secures the Trust Receipts deposited in the trust.

The short-term 'F1+' rating is based on the liquidity facility provided by RBC, which has a stated expiration date of Nov. 20, 2020, unless such date is extended or earlier terminated. The initial rate mode for the floater certificates will be the SIFMA Term Mode, which expires on June 1, 2016. Floater Certificate holders do not have the option to 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 reflect only the liquidity bank's obligation to fund the payment of purchase price for unremarketed floaters following a mandatory tender.

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.