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Fitch Rates Wells Fargo Stage Trust, Ser 2012-106C, 2012-110C & 2012-111C Floater & Residual Ctfs



  Fitch Rates Wells Fargo Stage Trust, Ser 2012-106C, 2012-110C & 2012-111C
  Floater & Residual Ctfs

Business Wire

NEW YORK -- December 19, 2012

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

--Series 2012-106C Floaters-'AA-/F1+', Stable Outlook; residuals-'AA-', Stable
Outlook;

--Series 2012-110C Floaters-'AA/F1+', Stable Outlook; residuals-'AA', Stable
Outlook.

--Series 2012-111C Floaters-'AA/F1+', Stable Outlook; residuals-'AA', Stable
Outlook.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2012-106C
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. (rated 'AA-/F1+', Stable Outlook by Fitch) securing the
Custodial Receipts deposited in the Trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2012-110C
floaters and residuals are based on the rating that Fitch has assigned to the
Regional Transportation District Sales Tax Revenue Bonds (FasTracks Project)
Series 2013A (rated 'AA', Stable Outlook) that have been deposited in the
trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2012-111C
floaters and residuals are based on the rating that Fitch has assigned to the
State of Wisconsin General Obligation Bonds of 2012, Series B (rated 'AA',
Stable Outlook) that have been deposited in the trust.

The 'F1+' short-term ratings assigned to the floaters are based on the
liquidity facilities provided by Wells Fargo Bank, N.A. (rated 'AA-/F1+',
Stable Outlook). The short-term ratings will expire on Dec. 15, 2013, the
expiration dates of the liquidity facilities, 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 Ratings
Primary Analyst:
Richard Park, +1-212-908-0289
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:
Linda Friedman, +1-212-908-0727
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1 212-908-0526
elizabeth.fogerty@fitchratings.com
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