--PUTTERs, Series 4464 'F1/F1'; DRIVERs, Series 4464 'F1';
--PUTTERs, Series 4465 'F1/F1'; DRIVERs, Series 4465 'F1';
--PUTTERs, Series 4466 'F1/F1'; DRIVERs, Series 4466 'F1'.
KEY RATING DRIVERS
The 'F1/F1' ratings assigned to the PUTTERs are based on the rating that Fitch has assigned to the irrevocable direct-pay letters of credit (LOCs) issued by
The LOCs support the payment of principal and interest on the custodial receipts deposited in the trusts in addition to payments due upon a mandatory tender event under the custody agreements. In the event that JPM has not honored the draw on the LOCs in full accordance with its terms, the principal and interest amount payable on the underlying bonds held by the custodian amount shall be paid to the holder of the custodial receipts.
The liquidity facilities provide for the payment of the principal component of purchase price plus an amount equal to 349 days of interest calculated at a maximum rate of 12%, based on a year of 349 days for tendered bonds in the event that the proceeds of a remarketing of the bonds are insufficient to pay the purchase price following an optional or mandatory tender under the standard terms and provisions of trust agreement. The trustee is obligated to make timely draws on the liquidity facilities to pay purchase price in the event of insufficient remarketing proceeds, and in connection with the expiration or termination of the SBPA, except in the case of the tender option termination events permitting immediate termination of the liquidity facilities.
The 'F1/F1' ratings assigned to the PUTTERs will expire on
The 'F1' ratings assigned to the DRIVERs will expire on
The ratings are exclusively tied to the short-term rating that Fitch maintains on the bank providing the LOC and liquidity facility and will reflect all changes to that rating.
Additional information is available at 'www.fitchratings.com'.
--'U.S. Municipal Structured Finance Criteria',
--'Guidelines for Rating Tender Option Bonds',
Guidelines for Rating Tender Option Bonds
Source: Fitch Ratings
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