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NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has taken various conforming rating actions on enhanced municipal bonds corresponding to actions taken on their associated enhancement providers or underlying bonds.

Long-term ratings on enhanced municipal bonds may be higher than those of their enhancement providers as discussed in Fitch's 'Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds', dated March 9, 2012.

Short-term ratings on enhanced municipal bonds may be lower than those of their liquidity providers, as discussed in Fitch's 'Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support', dated Feb. 1, 2012.

Please see the corresponding spreadsheet for a full list of rating actions.

Additional information is available at '[ www.fitchratings.com ]'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

-- 'U.S. Municipal Structured Finance Criteria' (Feb. 28, 2012);

-- 'Rating Guidelines for Letter of Credit-Supported Bonds' (June 20, 2012);

-- 'Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support' (Feb. 1, 2012);

-- 'Dual-Party Pay Criteria For Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds' (March 9, 2012);

-- 'Rating Guidelines for Commercial Paper Note Programs Issued with External Support' (March 19, 2012);

-- 'Guidelines for Rating Tender Option Bond Securities' (May 10, 2012).

Applicable Criteria and Related Research:

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688569 ]

U.S. Municipal Structured Finance Criteria
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570 ]

Rating Guidelines for Letter of Credit-Supported Bonds
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681737 ]

Rating Guidelines for Variable-Rate Demand Obligations Issued with External Liquidity Support
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=668369 ]

Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=673910 ]

Rating Guidelines for Commercial Paper Note Programs Issued with External Support
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=674368 ]

Guidelines for Rating Tender Option Bonds
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678533 ]

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