OREANDA-NEWS. 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 'Rating Criteria for Letter of Credit-Supported Bonds and Commercial Paper'', dated April 5, 2016.

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 and Commercial Paper Issued with External Liquidity Support', dated Jan. 28, 2016.