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-XF1022 - 'AA+/F1', Stable Outlook; Residual Certificates, Series 2015-XF1022 -'AA+', Stable Outlook;
--Floater Certificates, Series 2015-XF1030 - 'AA+/F1', Stable Outlook; Residual Certificates, Series 2015-XF1030 -'AA+', Stable Outlook;
--Floater Certificates, Series 2015-XF1034 - 'AA/F1', Stable Outlook; Residual Certificates, Series 2015-XF1034 -'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA+', Stable Outlook ratings assigned to the series 2015-XF1022 Floater Certificates and series 2015-XF1022 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 2011 Series GG, Fiscal 2013 Series EE, Fiscal 2012 Series FF and Fiscal 2012 Series AA (rated 'AA+', Stable Outlook) that have been deposited in the series 2015-XF1022 trust.

The long-term 'AA+', Stable Outlook ratings assigned to the series 2015-XF1030 Floater Certificates and series 2015-XF1030 Residual Certificates are based on the ratings that Fitch has assigned to Dormitory Authority of the State of New York State Personal Income Tax Revenue Bonds (General Purpose) Series 2014C (Tax Exempt) Term Bonds (rated 'AA+', Stable Outlook) that have been deposited in the series 2015-XF1030 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XF1034 Floater Certificates and series 2015-XF1034 Residual Certificates are based on the ratings that Fitch has assigned to California Health Facilities Financing Authority Revenue Bonds, Series 2014B (Providence Health & Services) (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XF1034 trust.

The short-term 'F1' rating assigned to the Floater Certificates is based on the liquidity facilities provided by Deutsche Bank AG New York Branch (rated 'A/F1', Negative Outlook). The 'F1' rating assigned to the Floater Certificates will expire on June 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.