Fitch Rates Wells Fargo Stage Trust, Series 2012-33C Floater & Residual Ctfs

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

--Series 2012-33C: floaters 'AA-/F1+', Stable Outlook; residuals 'AA-', Stable Outlook.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2012-33C floaters and residuals are based on the rating that Fitch has assigned to the custodial level credit enhancement provided by Wells Fargo Bank, N.A. (rated 'AA-/F1+', Stable Outlook) securing the custodial receipts 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. The short-term rating will expire on May 15, 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 Rating 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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