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

--Floater Certificates Series 2016-XM0392 'AA-/F1'/Stable Outlook; Residual Certificates Series 2016-XM0392 'AA-'/Stable Outlook;

--Floater Certificates Series 2016-ZM0398 'AA-/F1'/Stable Outlook; Residual Certificates Series 2016-ZM0398 'AA-'/Stable Outlook;

KEY RATING DRIVERS

The long-term 'AA-'/Stable Outlook ratings assigned to the series 2016-XM0392 Floater and Residual Certificates are based on the rating that Fitch has assigned to the State Building Authority of the State of Michigan 2016 revenue and revenue refunding bonds, series I (Facilities Program), term bonds (rated 'AA-'/Stable Outlook) that have been deposited in the 2016-XM0392 trust.

The long-term 'AA-'/Stable Outlook ratings assigned to the series 2016-ZM0398 Floater and Residual Certificates are based on the rating that Fitch has assigned to the Hospital Authority No. 1 of Sarpy County, Nebraska health facilities revenue bonds (Nebraska Medicine) series 2016 (rated 'AA-'/Stable Outlook) that have been deposited in the 2016-ZM0398 trust.

The short-term 'F1' rating assigned to the series 2016-XM0392 Floater Certificates is based on the liquidity facility provided by Morgan Stanley Bank, N. A. (rated 'A+/F1'/Stable Outlook), which has a stated expiration date of Aug. 15, 2017, unless such date is extended or earlier terminated.

The short-term 'F1' rating assigned to the series 2016-ZM0398 Floater Certificates is based on the liquidity facility provided by Barclays Bank PLC (rated 'A/F1'/Stable Outlook), which has a stated expiration date of Aug. 1, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings assigned to the Floater Certificates 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 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.