--Series 2008-3391 floaters-'AA+/F1', Stable Outlook; Series 2008-3389 residuals-'AA+', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA+', Stable Outlook ratings assigned to the series 2008-3391 floaters and residuals are based on the rating that Fitch has assigned to State of Ohio Common Schools General Obligation Refunding Bonds, Series 2014A (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
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 bond deposited in the trust 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',
U.S. Municipal Structured Finance Criteria
Guidelines for Rating Tender Option Bonds
Source: Fitch Ratings
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