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Fitch Rates Wells Fargo Stage Trust, Series 2012-76C and 2012-77C Floater & Residual Ctfs

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to the floater certificates and residual certificates of the Wells Fargo Stage Trust series listed below:

--Series 2012-76C: floaters 'AA+/F1+', Stable Outlook; residuals 'AA+', Stable Outlook;

--Series 2012-77C: floaters 'AA-/F1+', Stable Outlook; residuals 'AA-', Stable Outlook.

The long-term 'AA+', Stable Outlook ratings assigned to the series 2012-76C floaters and residuals are based on the rating that Fitch has assigned to the City of San Antonio, Texas Water System Revenue and Refunding Bonds, Series 2012A (rated 'AA+', Stable Outlook) that have been deposited in the Trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2012-77C floaters and residuals are based on the higher of the rating that Fitch has assigned to the University of Colorado Hospital Authority, Revenue Bonds, Series 2012A (rated 'A+', Stable Outlook) that have been deposited in the Trust and the rating that Fitch has assigned to the custodial level credit enhancement in the form of a swap agreement provided by Wells Fargo Bank, N.A. (rated 'AA-/F1+', Stable Outlook) securing the Custodial Receipts deposited in the Trust.

The 'F1+' short-term ratings assigned to the 2012-76C and 2012-77C floaters are based on the liquidity facilities provided by Wells Fargo Bank, N.A. The short-term ratings will expire on Sept. 15, 2013, the expiration date of the liquidity facilities, unless such dates are extended or earlier terminated.

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;

'Guidelines for Rating Tender Option Bonds', May 10, 2012.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678533

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Fitch, Inc.
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Richard Park, +1-212-908-0289
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Secondary Analyst:
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Senior Director
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Mario Civico, +1-212-908-0796
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Source: Fitch Ratings