OREANDA-NEWS. April 22, 2016. 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-XM0182 'AA/F1+', Stable Outlook; Residual Receipts, Series 2016 XM0182 'AA', Stable Outlook;
--Floater Receipts, Series 2016-XM0183 'AA/F1+', Stable Outlook; Residual Receipts, Series 2016 XM0183 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to both series of Floater and Residual Receipts are based on the rating that Fitch has assigned to The School Board of Orange County, Florida Certificates of Participation, Series 2016C (rated 'AA', Stable Outlook) that have been deposited in the trusts.

The short-term 'F1+' rating assigned to both series of Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+', Stable Outlook), which has a stated expiration date of April 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 rating of the bank, 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.