Fitch Rates Wells Fargo Stage Trust, Ser 2012-78C, 2012-80C & 2012-82C 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 2012-78C: floaters 'AA-/F1+', Stable Outlook; residuals 'AA-', Stable Outlook;

--Series 2012-80C: floaters 'AA-/F1+', Stable Outlook; residuals 'AA-', Stable Outlook;

--Series 2012-82C: floaters 'AA-/F1+', Stable Outlook; residuals 'AA-', Stable Outlook.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2012-78C floaters and residuals are based on the higher of the rating that Fitch has assigned to the Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Series 2012A (Froedtert Health, Inc. Obligated Group) (rated 'AA-', 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 long-term 'AA-', Stable Outlook ratings assigned to the series 2012-80C floaters and residuals are based on 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. securing the Custodial Receipts deposited in the Trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2012-82C floaters and residuals are based on the higher of the rating that Fitch has assigned to the Port of Oakland, California, Refunding Revenue Bonds 2012 Series P (AMT) (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. securing the Custodial Receipts deposited in the Trust.

The 'F1+' short-term ratings assigned to the 2012-78C, 2012-80C and 2012-82C 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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Primary Analyst:
Richard Park, +1-212-908-0289
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Trudy Zibit, +1-212-908-0689
Managing Director
or
Committee Chairperson:
Ronald McGovern, +1-212-908-0513
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Source: Fitch Ratings