OREANDA-NEWS. Fitch Ratings assigns the following ratings to the series of Reset Option Certificates II-R (ROCs) and Reset Option Longs II-R (ROLs) listed below:

--Series 14091 ROCs 'AAA/F1'; Stable Outlook;
--Series 14091 ROLs 'AAA'; Stable Outlook.

KEY RATING DRIVERS

The long-term 'AAA'; Stable Outlook ratings assigned to the series 14091 ROCs and ROLs are based on the rating that Fitch has assigned to Orange County Sanitation District Wastewater Refunding Revenue Obligations, Series 2015A (rated 'AAA'; Stable Outlook) that have been deposited in the series 14091 trust.

The 'F1', short-term rating assigned to the ROCs is based on the liquidity facility provided by Citibank, N.A. (rated 'A/F1'; Stable Outlook) in the form of a shortfall liquidity swap agreement. The short-term rating assigned to the ROCs will expire on July 1, 2015, the expiration date of the liquidity facility, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings assigned to the ROCs 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, and, in some cases, the long-term rating of the underlying bonds deposited in the trusts. The long-term ratings assigned to the ROCs and ROLs are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to that rating.