OREANDA-NEWS. Fitch Ratings assigns the following ratings to the Taxable Floater Notes of the Taxable Tender Option Bond Trust series listed below:

--Taxable Floater Notes Series 2016-TPG003 'F1'.

KEY RATING DRIVERS

The 'F1' rating assigned to the Taxable Floater Notes is based on the liquidity facility provided by Bank of America, N. A. (rated 'A+/F1', Stable Outlook) which covers purchase price for tendered Taxable Floater Notes. This includes a mandatory tender in the event that the trust fails to make any principal and interest payment on the Taxable Floater Notes. In this event, the Note Trustee will give notice to the Trustee of a Taxable Floater Notes Default Event and the Taxable Floater Notes shall be subject to mandatory tender and purchase by the Trustee with funds provided by the liquidity provider. The liquidity facility has a scheduled expiration date of July 15, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Taxable Floater Notes reflects the short-term rating that Fitch maintains on the bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the bank.