NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns the following ratings to the Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) of the Tender Option Bond Trust series listed below:

--Floater Receipts, Series 2014-XF0001 - 'AA-/F1', Stable Outlook; Residual Receipts, Series 2014-XF0001 -'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-', Stable Outlook ratings assigned to the series 2014-XF0001 Floater Receipts and series 2014-XF0001 Residual Receipts are based on the ratings that Fitch has assigned to The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Fifty-Second Series (rated 'AA-', Stable Outlook) that have been deposited in the series 2014-XF0001 trust.

The short-term 'F1' rating assigned to the series 2014-XF0001 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'A+/F1', Stable Outlook). The 'F1' rating assigned to the Floater Receipts will expire on Nov. 15, 2015, the expiration date of the liquidity facility, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Floater Receipts 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 bonds deposited in the trust. The long-term ratings assigned to the Floater Receipts and Residual Receipts are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.

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

Applicable Criteria and Related Research:

'U.S. Municipal Structured Finance Criteria', Feb. 24, 2014;

'Guidelines for Rating Tender Option Bonds', May 9, 2013.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

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

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=929715

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