OREANDA-NEWS. Fitch Ratings assigns the following ratings to the floater certificates and residual certificates of the Tender Option Bond Trust series listed below:

--Floater certificates, series 2016-XF2321 'AA-/F1+', Stable Outlook;

--Residual certificates, series 2016 XF2321 'AA-', Stable Outlook;

--Floater certificates, series 2016-XF2322 'AA/F1+', Stable Outlook;

--Residual certificates, series 2016 XF2322 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-', Stable Outlook ratings assigned to the series 2016-XF2321 floater and residual receipts are based on the rating that Fitch has assigned to North Texas Tollway Authority, special projects system revenue bonds, series 2011 (rated 'AA-', Stable Outlook) that have been deposited in the series 2016-XF2321 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XF2322 floater and residual receipts are based on the rating that Fitch has assigned to The Regents of the University of California General Revenue Bonds, 2013 Series AI Term Bonds (rated 'AA', Stable Outlook) that have been deposited in the series 2016-XF2322 trust.

The short-term 'F1+' rating assigned to the series 2016-XF2321 and XF2322 floater certificates is based on the liquidity facilities provided by Wells Fargo Bank, N. A. (rated 'AA/F1+', Stable Outlook), which have a stated expiration date of June 15, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the floater certificates 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 certificates and residual certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to such ratings.