OREANDA-NEWS. Fitch Ratings assigns the following ratings to the Floater Certificates and Residual Certificates and Puttable Floating Rate Receipts (Floater Receipts) and Inverse Floating Rate Receipts (Residual Receipts) of the Tender Option Bond Trust series listed below:

--Floater Certificates, Series 2016-XM0181 'AAA/F1', Stable Outlook; Residual Certificates, Series 2016-XM0181 'AAA', Stable Outlook;
--Floater Receipts, Series 2016-XM0195 'AA/F1+', Stable Outlook; Residual Receipts, Series 2016 XM0195 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AAA', Stable Outlook ratings assigned to the Floater and Residual Certificates are based on the rating that Fitch has assigned to Utility Debt Securitization Authority Bonds Series 2013T and 2013TE (rated 'AAA', Stable Outlook) that have been deposited in the 2016-XM0181 trust.

The long-term 'AA', Stable Outlook ratings assigned to the Floater and Residual Receipts are based on the rating that Fitch has assigned to New York City Transitional Finance Authority Building Aid Revenue Bonds, Fiscal 2016 Series S-1 (rated 'AA', Stable Outlook) that have been deposited in the series 2016-XM0195 trust.

The short-term 'F1' rating assigned to the series 2016-XM0181 Floater Certificates is based on the liquidity facility provided by Credit Suisse, A.G., New York Branch (rated 'A/F1', Positive Outlook), which has a stated expiration date of April 15, 2017, unless such date is extended or earlier terminated.

The short-term 'F1+' rating assigned to the series 2016-XM0195 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 27, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Floater Certificates and 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 bonds deposited in the trust. The long-term ratings assigned to the Floater and Residual Certificates and Floater and Residual Receipts are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such rating.