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Fitch Rates RBC Municipal Products Trust, Series G-20, G-21, G-22, G-23 and G-24.

New York: Fitch Ratings has assigned the following ratings:

RBC Municipal Floater Certificates (Floater Certificates) Series G-20

--'AAA'/'F1+'/Stable Outlook.

RBC Municipal Residual Certificates (Residual Certificates) and Custodial Receipts of the RBC Municipal Products Trust Series G-20A, G-20B, G-20C and G-20D

--'AAA'/Stable Outlook.

RBC Municipal Floater Certificates (Floater Certificates) Series G-21

--'AA'/'F1+'/Stable Outlook.

RBC Municipal Residual Certificates (Residual Certificates) and Custodial Receipts of the RBC Municipal Products Trust Series G-21

--'AA'/Stable Outlook.

RBC Municipal Floater Certificates (Floater Certificates) Series G-22

--'AA'/'F1+'/Stable Outlook.

RBC Municipal Residual Certificates (Residual Certificates) and Custodial Receipts of the RBC Municipal Products Trust Series G-22A and G-22B

--'AA'/Stable Outlook.

RBC Municipal Floater Certificates (Floater Certificates) Series G-23

--'AA'/'F1+'/Stable Outlook.

RBC Municipal Residual Certificates (Residual Certificates) and Custodial Receipts of the RBC Municipal Products Trust Series G-23

--'AA'/Stable Outlook.

RBC Municipal Floater Certificates (Floater Certificates) Series G-24

--'AA'/'F1+'/Stable Outlook.

RBC Municipal Residual Certificates (Residual Certificates) and Custodial Receipts of the RBC Municipal Products Trust Series G-24A and G-24B

--'AA'/Stable Outlook.

KEY RATING DRIVERS

The long-term 'AAA'/Outlook Stable rating assigned to series G-20 Floater and Residual Certificates and Custodial Receipts are based on the higher of the ratings that Fitch has assigned to the underlying bonds (AAA/Stable) deposited with the custodian and Royal Bank of Canada, acting through a New York branch (RBC; AA/F1+/Stable) provider of the irrevocable direct-pay LOCs, which has a stated expiration date of June 27, 2019, unless such date is extended or earlier terminated, which secures the custodial receipts deposited in the trust.

The long-term 'AA'/Outlook Stable rating assigned to series G-22 Floater and Residual Certificates and Custodial Receipts are based on the higher of the ratings that Fitch has assigned to the underlying bonds (AA-/Stable) deposited with the custodian and Royal Bank of Canada, acting through a New York branch (RBC; AA/F1+/Stable) provider of the irrevocable direct-pay LOCs, which has a stated expiration date of June 27, 2019, unless such date is extended or earlier terminated, which secures the custodial receipts deposited in the trust.

The long-term 'AA'/Outlook Stable rating assigned to the series G-21, G-23 and G-24 Floater and Residual Certificates and Custodial Receipts are based on the rating that Fitch has assigned to the Royal Bank of Canada, acting through a New York branch, (RBC; AA/F1+/Stable) the provider of the irrevocable direct-pay letter of credit (LOC), which secures the trust receipts deposited in the stated trusts that have a stated expiration date of June 27, 2019, unless such date is extended or earlier terminated, which secures the custodial receipts deposited in the trust.

The short-term 'F1+' ratings assigned to the Floater Certificates are based on the tender option provided by RBC as tender option provider. The scheduled expiration date of the obligations of the tender option provider to make purchase price payments is June 27, 2019.

RATING SENSITIVITIES

The long-term ratings assigned to the series G-20 and G-22 floater and residual certificates and custodial receipts are based on the higher of the rating assigned to the creditworthiness of the underlying bonds and the long-term rating that Fitch maintains on the bank providing credit enhancement. Changes to one or both of these ratings may affect the long-term rating assigned to the floater and residual certificates and custodial trust receipts.

The long-term ratings assigned to the series G-21, G-23 and G-24 floater and residual certificates are exclusively based on the rating assigned to the bank providing the LOC and will reflect all changes to that rating.

The short-term ratings assigned to the G-20, G-21, G-22, G-23 and G-24 Floater Certificates will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term ratings of the underlying assets deposited in the trusts.
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Publication:Daily the Pak Banker (Lahore, Pakistan)
Geographic Code:1U2NY
Date:Sep 25, 2018
Words:642
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