NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns a rating of 'AA-/F1+' to the floater certificates and a rating of 'AA-' to the residual certificates of Wells Fargo Stage Trust, series 2011-25C.
The long-term 'AA-' ratings assigned to the series 2011-25C certificates are based on the custodial level credit enhancement provided by Wells Fargo, N.A. (Wells Fargo, rated 'AA-/F1+', Outlook Stable), securing the custodial receipts which have been deposited in the series 2011-25C trust.
The short-term 'F1+' rating assigned to the floater certificates is based on the liquidity facility provided by Wells Fargo. The 'F1+' rating will expire on Feb. 15, 2012, the expiration date of the liquidity facility, unless such date is extended or earlier terminated.
Additional information is available at 'www.fitchratings.com'.
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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