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

--Floater Receipts, Series 2016-XM0233 'AA/F1', Stable Outlook; Residual Receipts, Series 2016 XM0233 'AA', Stable Outlook;

--Floater Receipts, Series 2016-ZM0279 'AA/F1+', Stable Outlook; Residual Receipts, Series 2016 ZM0279 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XM0233 Floater and Residual Receipts are based on the rating that Fitch has assigned to Houston Combined Utility System 1st Lien Revenue Refunding Bonds Series 2011A (rated 'AA', Stable Outlook) that have been deposited in the series 2016-XM0233 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-ZM0279 Floater and Residual Receipts are based on the rating that Fitch has assigned to Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds, Series 2016B (Climate Bond Certified) (rated 'AA', Stable Outlook) that have been deposited in the series 2016-ZM0279 trust.

The short-term 'F1' rating assigned to the series 2016-XM0233 Floater Receipts is based on the liquidity facility provided by Bank of America, N. A. (rated 'A+/F1', Stable Outlook), which has a stated expiration date of May 15, 2017, unless such date is extended or earlier terminated.

The short-term 'F1+' rating assigned to the series 2016-ZM0279 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N. A. (rated 'AA-/F1+', Stable Outlook), which has a stated expiration date of June 8, 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 ratings of the banks, 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.