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

--Floater Certificates, Series 2015-XF2033 'AA-/F1', Positive Outlook; Residual Certificates, Series 2015-XF2033 'AA-', Positive Outlook;
--Floater Certificates, Series 2015-XF2035 'A+/F1', Negative Outlook; Residual Certificates, Series 2015-XF2043 'A+', Negative Outlook;
--Floater Certificates, Series 2015-XF2043 'AA+/F1', Stable Outlook; Residual Certificates, Series 2015-XF2043 'AA+', Stable Outlook;
--Floater Certificates, Series 2015-XF2047 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XF2047 'AA-', Stable Outlook;
--Floater Certificates, Series 2015-XF2048 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XF2048 'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-', Positive Outlook ratings assigned to the series 2015-XF2033 Floater Certificates and series 2015-XF2033 Residual Certificates are based on the ratings that Fitch has assigned to City and County of San Francisco, Refunding Certificates of Participation, Series 2010A, term bonds (rated 'AA-', Positive Outlook) that have been deposited in the series 2015-XF2033 trust.

The long-term 'A+', Negative Outlook ratings assigned to the series 2015-XF2035 Floater Certificates and series 2015-XF2035 Residual Certificates are based on the ratings that Fitch has assigned to Washington Health Care Facilities Authority, Revenue Bonds, Series 2008D (Catholic Health Initiatives), term bonds (rated 'A+', Negative Outlook) that have been deposited in the series 2015-XF2035 trust.

The long-term 'AA+', Stable Outlook ratings assigned to the series 2015-XF2043 Floater Certificates and series 2015-XF2043 Residual Certificates are based on the ratings that Fitch has assigned to New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds, Fiscal 2005 Series C, serial bonds (rated 'AA+', Stable Outlook) that have been deposited in the series 2015-XF2043 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF2047 Floater Certificates and series 2015-XF2047 Residual Certificates are based on the ratings that Fitch has assigned to Department of Water and Power of the City of Los Angeles Power System Revenue Bonds, 2012 Series B and 2014 Series B term bonds (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF2047 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF2048 Floater Certificates and series 2015-XF2048 Residual Certificates are based on the ratings that Fitch has assigned to Colorado Health Facilities Authority Revenue Bonds, Series 2013A (SCL Health System), term bonds (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF2048 trust.

The short-term 'F1' rating assigned to the Floater Certificates is based on the liquidity facilities provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Stable Outlook). The 'F1' rating assigned to the series Floater Certificates will expire on May 15, 2016, the expiration date of the liquidity facilities, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

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