Fitch Rates Eagle Tax-Exempt Trust Series 20130010

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings assigns the following ratings to the series of the Eagle Tax-Exempt Trust Class A Certificates and Class B Certificates listed below:

--Class A Series 20130010: 'AA+/F1', Stable Outlook;

--Class B Series 20130010 'AA+', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA+', Stable Outlook ratings assigned to the series 20130010 Class A and B certificates are based on the rating that Fitch has assigned East Bay Municipal Utility District (Alameda and Contra Costa Counties, California Water System Subordinated Revenue Bonds, Series 2005 A (rated 'AA+', Stable Outlook by Fitch) that have been deposited in the series 20130010 Eagle Tax-Exempt Trust.

The 'F1' short-term rating assigned to the Class A certificates is based on the liquidity facility support provided by Citibank, N.A. (rated 'A/F1', Stable Outlook). The short-term rating assigned to the Class A certificates will expire on Sept. 1, 2014, the expiration date of the liquidity facility, unless each date is extended or earlier terminated.

RATING SENSITIVITIES:

The short-term rating assigned to the Class A 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 underlying bond deposited in the trust. The long-term ratings assigned to the Class A certificates and Class B certificates are exclusively tied to the creditworthiness of the underlying bond deposited in the trust and will reflect all changes to that rating.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

'U.S. Municipal Structured Finance Criteria', Feb. 27, 2013;

'Guidelines for Rating Tender Option Bonds', May 9, 2013.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701570

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=803772

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