OREANDA-NEWS. Fitch Ratings assigns the following ratings to the Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) of the Tender Option Bond Trust series listed below:

--Floater Receipts, Series 2016-XF0434 'AAA/F1', long-term rating on Rating Watch Negative; Residual Receipts, Series 2016-XF0434 'AAA', Rating Watch Negative;
--Floater Receipts, Series 2016-XF0436 'AA-/F1', Stable Outlook; Residual Receipts, Series 2016-XF0436 'AA-', Stable Outlook;
--Floater Receipts, Series 2016-XF0438 'AA-/F1', Stable Outlook; Residual Receipts, Series 2016-XF0438 'AA-', Stable Outlook;
--Floater Receipts, Series 2016-XF0439 'AA/F1', Stable Outlook; Residual Receipts, Series 2016-XF0439 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AAA', Rating Watch Negative ratings assigned to the series 2016-XF0434 Floater and Residual Receipts are based on the rating that Fitch has assigned to the Higher Education Student Assistance Authority Student Loan Revenue Bonds, Series 2010-FFELP Class A-2 (rated 'AAA', Rating Watch Negative) that have been deposited in the series 2016-XF0434 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2016-XF0436 Floater and Residual Receipts are based on the rating that Fitch has assigned to the Commonwealth of Pennsylvania General Obligation Bonds, First Series of 2013 (rated 'AA-', Stable Outlook) that have been deposited in the series 2016-XF0436 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2016-XF0438 Floater and Residual Receipts are based on the rating that Fitch has assigned to the Rutgers, The State University General Obligation Bonds, 2013 Series L (Tax Exempt) (rated 'AA-', Stable Outlook) that have been deposited in the series 2016-XF0438 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XF0439 Floater and Residual Receipts are based on the rating that Fitch has assigned to the State of Hawaii General Obligation Bonds of 2012, Series EE (rated 'AA', Stable Outlook) that have been deposited in the series 2016-XF0439 trust.

The short-term 'F1' ratings assigned to the series Floater Receipts are based on the liquidity facilities provided by Bank of America N.A. (rated 'A+/F1', Stable Outlook), which have a stated expiration date of May 15, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings assigned to the Floater Receipts will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term ratings of the underlying bonds deposited in the trusts. The long-term ratings assigned to the Floater Receipts and Residual Receipts are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to such ratings.