--Series DB-1321: SPEARs ?'AA-/F1+'; Outlook Stable;
--Series DB-1321A-C LIFERs ?'AA-'; Outlook Stable.
KEY RATING DRIVERS
The long-term 'AA-' and Stable Outlook ratings assigned to the series DB-1321 SPEARs and LIFERs are based on the rating that Fitch has assigned to the Iowa Finance Authority Health Facilities Revenue Bonds, Series 2014C (
The 'F1+' short-term rating assigned to the SPEARs is based on the liquidity facility provided by Deutsche Bank AG New York Branch (rated 'A+/F1+' with a Stable Outlook) securing the SPEARs. The short-term rating will expire on
The short-term rating assigned to the SPEARs 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 SPEARs and LIFERs 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 on www.fitchratings.com.
--'U.S. Municipal Structured Finance Criteria' (
--'Guidelines for Rating Tender Option Bonds' (
U.S. Municipal Structured Finance Criteria
Guidelines for Rating Tender Option Bonds
Source: Fitch Ratings
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