Fitch: Municipal Ratings Tied to U.S. Sovereign Affirmed at 'AAA'; Outlook Stable

Link to Fitch Ratings' Report: Municipal Ratings Tied to U.S. Sovereign Affirmed at 'AAA'; Outlook Stable

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=780809

Following Fitch Rating's affirmation of the United States of America's 'AAA/F1+' foreign and local currency Issuer Default Ratings with Stable Outlooks, Fitch affirms the ratings of certain categories of debt that are directly tied to the creditworthiness of the United States or its related entities.

Categories of debt whose ratings are affected include:

--Pre-refunded bonds whose repayments are wholly dependent on 'AAA' rated United States government and agency obligations held in escrow;

--Municipal bonds that are wholly secured by 'AAA' rated United States government and agency obligations held in escrow;

--Municipal housing bonds that are primarily secured by mortgage-backed securities issued by Ginnie Mae, Fannie Mae, and/or Freddie Mac;

--United States government-sponsored entities' obligations whose ratings, in Fitch's estimation, reflect a very high likelihood and degree of government support.

For more Fitch commentary on U.S. ratings tied to the U.S. sovereign ratings, please see 'Fitch: Sovereign Rating Implications of U.S. Debt Ceiling Crisis' (Oct. 10, 2013) and 'Rating Linkages to the U.S. Sovereign Rating' (July 18, 2011).

For more information on Fitch's U.S. sovereign rating actions, please see 'Fitch Affirms United States at 'AAA'; Outlook Stable' (dated Sep. 19, 2014), available on Fitch's website at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--Fitch Affirms United States at 'AAA'; Outlook Stable (Sep. 19, 2014);

--Fitch: Sovereign Rating Implications of U.S. Debt Ceiling Crisis (Oct. 10, 2013);

--Rating Linkages to the U.S. Sovereign Rating (July 18, 2011);

--U.S. Municipal Structured Finance Rating Criteria (Feb. 24, 2014);

--Revenue-Supported Rating Criteria (June 16, 2014);

--U.S. Public Power Rating Criteria (March 18, 2014);

--Solid Waste Revenue Bond Rating Criteria (June 27, 2014);

--State Housing Finance Agencies: Single-Family Mortgage Program Rating Criteria (July 25, 2013);

--State Housing Finance Agencies: MBS Pass-Through Bond Rating Criteria (Sep. 11, 2014).

Applicable Criteria and Related Research:

Rating Linkages to the U.S. Sovereign Rating

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646469

State Housing Finance Agencies: MBS Pass-Through Bond Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=756247

State Housing Finance Agencies: Single-Family Mortgage Program Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=712476

Solid Waste Revenue Bond Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750529

U.S. Public Power Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=740841

Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750012

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=736618

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=878814

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