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-XM0350 'AA/F1+', Stable Outlook; Residual Receipts, Series 2016-XM0350 'AA', Stable Outlook;

--Floater Receipts, Series 2016-XM0352 'AA/F1+', Stable Outlook; Residual Receipts, Series 2016-XM0352 'AA', Stable Outlook;

--Floater Receipts, Series 2016-XM0357 'AAA/F1+', Stable Outlook; Residual Receipts, Series 2016-XM0357 'AAA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XM0350 Floater and Residual Receipts are based on the rating that Fitch has assigned to Metropolitan Transportation Authority Dedicated Tax Fund Bonds, Series 2004B, Subseries 2004B-2 (rated 'AA', Stable Outlook) that have been deposited in the series 2016-XM0350 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XM0352 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 AF (rated 'AA', Stable Outlook) that have been deposited in the series 2016-XM0352 trust.

The long-term 'AAA', Stable Outlook ratings assigned to the series 2016-XM0357 Floater and Residual Receipts are based on the rating that Fitch has assigned to New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds, Fiscal 2013 Series B (rated 'AAA', Stable Outlook) that have been deposited in the series 2016-XM0357 trust.

The short-term 'F1+' ratings assigned to the Floater Receipts are based on the liquidity facilities provided by JPMorgan Chase Bank, N. A. (rated 'AA-/F1+', Stable Outlook), which have a stated expiration date of July 20, 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.