NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns the following ratings to the floater certificates and residual certificates of the series listed below:
--Series 2011-28C: floaters 'AA-/F1+'; residuals 'AA-'; and
--Series
2011-31C: floaters 'AA-/F1+'; residuals 'AA-'.
The long-term 'AA-' ratings assigned to series 2011-28C are based on the higher of the ratings that Fitch has assigned to New Jersey Transportation Trust Fund Authority, transportation system bonds, 2005 series B and 2006 series A (rated 'AA-', Outlook Stable by Fitch) and the custodial level credit enhancement provided by Wells Fargo, N.A. ('Wells Fargo', rated 'AA-/F1+', Outlook Stable by Fitch) which have been deposited in the series 2011-28C trust.
The long-term 'AA-' ratings assigned to the series 2011-31C certificates are based on the custodial level credit enhancement provided by Wells Fargo, securing the custodial receipts which have been deposited in the series 2011-31C trust.
The short-term 'F1+' rating assigned to each series is based on the liquidity facility for each series provided by Wells Fargo. Each 'F1+' rating will expire on Feb. 15, 2012, the expiration date of the series liquidity facility, unless such date is extended or earlier terminated.
Applicable Criteria and Related Research:
--'U.S. Municipal
Structured Finance Rating Criteria', Aug. 16, 2010;
--'Guidelines
for Rating Secondary Market Synthetic Floating-Rate Securities', Nov.
25, 2008.
Applicable Criteria and Related Research:
U.S. Municipal Structured
Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=548588
Guidelines
for Rating Secondary Market Synthetic Floating-Rate Securities
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=415892
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