NEW YORK--(BUSINESS WIRE)--
Fitch Ratings assigns the following ratings to the floater certificates and residual certificates of the Wells Fargo Stage Trust series listed below:
--Series 2013P3-E floaters--'AA+ /F1+', Stable Outlook; residuals--'AA+', Stable Outlook.
The long-term 'AA+', Stable Outlook ratings assigned to the series 2013P3-E floaters and residuals are based on the rating that Fitch has assigned to the New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Series CC (rated 'AA+', Stable Outlook) that have been deposited in the trust.
The 'F1+' short-term rating assigned to the floaters is based on the liquidity facility provided by Wells Fargo Bank, N.A. (rated 'AA-/F1+', Stable Outlook). The short-term rating will expire on March 15, 2014, the expiration date of the liquidity facility, unless such date is extended or earlier terminated.
The short-term rating assigned to the floaters 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 floaters and residuals are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.
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 Criteria', Feb. 27, 2013;
--'Guidelines for Rating Tender Option Bonds', May 10, 2012.
Applicable Criteria and Related Research
U.S. Municipal Structured Finance Criteria
Guidelines for Rating Tender Option Bonds
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- Fitch Ratings
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