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Fitch Rates Wells Fargo Stage Trust, Series 2012-105C Floater & Residual Certificates



  Fitch Rates Wells Fargo Stage Trust, Series 2012-105C Floater & Residual
  Certificates

Business Wire

NEW YORK -- December 13, 2012

Fitch Ratings assigns the following ratings to the floater certificates and
residual certificates of the Wells Fargo Stage Trust series listed below:

--Series 2012-105C floaters 'AA+/F1+'; Stable Outlook;

--Residuals AA+'; Stable Outlook.

The long-term 'AA+'; Stable Outlook ratings assigned to the series 2012-105C
floaters and residuals are based on the rating that Fitch has assigned to the
New York City Municipal Water Finance Authority Water and Sewer System Second
General Resolution Revenue Bonds, Fiscal 2013 Series BB (rated 'AA+'; Stable
Outlook by Fitch) that have been deposited in the trust.

The 'F1+' short-term rating assigned to the floaters is based on the liquidity
facility provided by Wells Fargo Bank, N.A. (rated 'AA-/F1+'; Stable Outlook).
The short-term rating will expire on Dec. 12, 2013, the expiration date of the
liquidity facility, unless such date is 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.

Contact:

Fitch, Inc.
Primary Analyst
Richard Park, +1-212- 908-0289
Director
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Trudy Zibit, +1-212-908-0689
Managing Director
or
Committee Chairperson
Mario Civico, +1-212-908-0796
Senior Director
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com
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