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

--Floater Certificates Series 2015-ZF2061 'AA/F1'; Stable Outlook;
--Residual Certificates Series 2015-ZF2061 'AA'; Stable Outlook;
--Floater Certificates Series 2015-ZF2063 'AA/F1'; Stable Outlook;
--Residual Certificates Series 2015-ZF2063 'AA'; Stable Outlook;
--Floater Certificates Series 2015-ZF2069 'AA+/F1'; Stable Outlook;
--Residual Certificates Series 2015-ZF2069 'AA+'; Stable Outlook;
--Floater Certificates Series 2015-ZF2077 'AA-/F1'; Stable Outlook;
--Residual Certificates Series 2015-ZF2077 'AA-'; Stable Outlook;
--Floater Certificates Series 2015-ZF2078 'AA-/F1'; Stable Outlook;
--Residual Certificates Series 2015-ZF2078 'AA-'; Stable Outlook;
--Floater Certificates Series 2015-ZF2081 'AA/F1'; Stable Outlook;
--Residual Certificates Series 2015-ZF2081 'AA'; Stable Outlook;
--Floater Certificates Series 2015-ZF2082 'AA/F1'; Stable Outlook;
--Residual Certificates Series 2015-ZF2082 'AA'; Stable Outlook;
--Floater Certificates Series 2015-ZF2092 'AA-/F1'; Stable Outlook;
--Residual Certificates Series 2015-ZF2092 'AA-'; Stable Outlook.

KEY RATING DRIVERS

The Long-term 'AA' ratings with a Stable Outlook assigned to the series 2015-ZF2061 Floater Certificates and series 2015-ZF2061 Residual Certificates are based on the ratings that Fitch has assigned to California Health Facilities Financing Authority Revenue Bonds (Lucile Salter Packard Children's Hospital at Stanford), 2014 Series A, term bonds (rated 'AA'; Stable Outlook) that have been deposited in the series 2015-ZF2061 trust.

The Long-term 'AA'; Stable Outlook ratings assigned to the series 2015-ZF2063 Floater Certificates and series 2015-ZF2063 Residual Certificates are based on the ratings that Fitch has assigned to Department of Airports of the City of Los Angeles, California, Los Angeles International Airport, Senior Revenue Bonds, 2012 Series B (Private Activity - Non-AMT), term bonds (rated 'AA'; Stable Outlook) that have been deposited in the series 2015-ZF2063 trust.

The Long-term 'AA+'; Stable Outlook ratings assigned to the series 2015-ZF2069 Floater Certificates and series 2015-ZF2069 Residual Certificates are based on the ratings that Fitch has assigned to New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Series CC, serial bonds (rated 'AA+'; Stable Outlook) that have been deposited in the series 2015-ZF2069 trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series 2015-ZF2077 and 2015-ZF2078 Floater Certificates and series 2015-ZF2077 and 2015-ZF2078 Residual Certificates are based on the ratings that Fitch has assigned to California Statewide Communities Development Authority, Revenue Bonds (Cottage Health System Obligated Group), Series 2015, term bonds (rated 'AA-'; Stable Outlook) that have been deposited in the series 2015-ZF2077 and 2015-ZF2078 trusts.

The Long-term 'AA'; Stable Outlook ratings assigned to the series 2015-ZF2081 Floater Certificates and series 2015-ZF2081 Residual Certificates are based on the ratings that Fitch has assigned to University of Massachusetts Building Authority, Project Revenue Bonds Senior Series 2014-1, term bonds (rated 'AA'; Stable Outlook) that have been deposited in the series 2015-ZF2048 trust.

The Long-term 'AA'; Stable Outlook ratings assigned to the series 2015-ZF2082 Floater Certificates and series 2015-ZF2082 Residual Certificates are based on the ratings that Fitch has assigned to Washington Health Care Facilities Authority, Revenue Bonds, Series 2014D (Providence Health & Services) term bonds (rated 'AA', Stable Outlook) that have been deposited in the series 2015-ZF2082 trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series 2015-ZF2092 Floater Certificates and series 2015-ZF2092 Residual Certificates are based on the ratings that Fitch has assigned to Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, 2014 Series A, term bonds (rated 'AA-'; Stable Outlook) that have been deposited in the series 2015-ZF2092 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 November 15, 2015, 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.