OREANDA-NEWS. Fitch Ratings has assigned the following ratings to the Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) and Trust Receipts series 2016-XM0185:

--Floater Receipts 'AA/F1+'; Negative Outlook;

--Residual Receipts 'AA'; Negative Outlook;

--Trust Receipts 'AA'; Negative Outlook.

KEY RATING DRIVERS

The Long-Term 'AA'/Negative Outlook ratings assigned to the series 2016-XM0185 Floater, Residual and Trust Receipts are based on the higher of the ratings that Fitch has assigned to the Central Plains Energy Project, Gas Project Revenue Bonds (Project No. 3), Series 2012 (rated, 'A'/Stable Outlook) deposited with the CE trustee and the irrevocable direct-pay letter of credit (LOC) issued by Royal Bank of Canada, acting through a New York branch (RBC, rated 'AA/F1+'/Negative Outlook), which secures the Trust Receipts deposited in the series 2016-XM0185 trust.

The letter of credit supporting the trust receipts has a stated expiration date of July 1, 2017, unless such date is extended or earlier terminated.

The Short-Term 'F1+' rating is based on the liquidity facility provided by RBC, which has a stated expiration date of July 1, 2017, unless such dates are extended or earlier terminated.

RATING SENSITIVITIES

The Long-Term ratings assigned to the floater, residual and trust receipts are based on the higher of the rating assigned to the creditworthiness of the underlying bonds and the long-term rating that Fitch maintains on the bank providing credit enhancement. Changes to one or both of these ratings may affect the long-term rating assigned to the floater, residual and trust receipts. The short-term rating assigned 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 assets deposited in the trust.