Fitch Rates AUSTIN Trust Variable Certificates, Series BOA 1038 'AA+/F1'

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns a rating of 'AA+/F1' with a Stable Outlook to the Variable Certificates, Series BOA 1038 (Variable Certificates) of the AUSTIN Trust Series BOA 1038.

The long-term 'AA+'rating and Stable Outlook assigned to the Series BOA 1038 Variable Certificates is based on the rating that Fitch has assigned to the New York City Municipal Water Finance Authority $152,800,000 Water and Sewer System Revenue Bonds, Fiscal 2008, Series A (rated 'AA+'; Stable Outlook) that have been deposited in the AUSTIN Trust Series BOA 1038.

The 'F1' short-term rating assigned to the Variable Certificates is based on the liquidity facility provided by Bank of America, National Association (rated 'A/F1'; Stable Outlook). The short-term rating will expire on Feb. 15, 2012, the liquidity facility expiration date, unless such date is extended or earlier terminated.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Rating Criteria' (April 25, 2011);

--'Guidelines for Rating Tender Option Bond Securities' (May 25, 2011).

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129

Guidelines for Rating Tender Option Bond Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=632790

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