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-XF0497 'AA/F1+', Stable Outlook;

--Residual Receipts, Series 2016 XF0497 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XF0497 Floater and Residual Receipts are based on the rating that Fitch has assigned to Regional Transportation Authority general obligation bonds, series 2003A (rated 'AA', Stable Outlook) that have been deposited in the series 2016-XF0497 trust.

The short-term 'F1+' rating assigned to the series 2016-XF0497 Floater Receipts is based on the liquidity facility provided by The Toronto-Dominion Bank, acting through its New York Branch (rated 'AA-/F1+', Stable Outlook), which has 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 Receipts will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term rating of the underlying bonds deposited in the trust. The long-term rating assigned to the Floater Receipts and Residual Receipts is exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such rating.