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-XM0043 'AA/F1', Stable Outlook; Residual Certificates, Series 2015-XM0043 -'AA', Stable Outlook;
--Floater Certificates, Series 2015-XM0044 'AAA/F1', Stable Outlook; Residual Certificates, Series 2015-XM0044 -'AAA', Stable Outlook;
--Floater Certificates, Series 2015-XM0046 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XM0046 -'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XM0043 Floater Certificates and series 2015-XM0043 Residual Certificates are based on the ratings that Fitch has assigned to Miami University (A State University of Ohio) General Receipts Revenue and Refunding Bonds, Series 2011, term bonds (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XM0043 trust.

The long-term 'AAA', Stable Outlook ratings assigned to the series 2015-XM0044 Floater Certificates and series 2015-XM0044 Residual Certificates are based on the ratings that Fitch has assigned to California Educational Facilities Authority, Revenue Bonds (Stanford University) Series U-1 and U-2 (rated 'AAA', Stable Outlook) that have been deposited in the series 2015-XM0044 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XM0046 Floater Certificates and series 2015-XM0046 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-XM0046 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 Floater Certificates will expire on May 15, 2016, the expiration date of the liquidity facility, 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.