OREANDA-NEWS. Fitch Ratings assigns the following ratings to the floater certificates, residual certificates and custodial receipts of the tender option bond trust series listed below:

--Floater Certificates, Series 2015-XM0048 - 'AA/F1', Stable Outlook;
--Residual Certificates, Series 2015-XM0048 -'AA', Stable Outlook;
--Custodial Receipts, Series 2015-XM0048 - 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XM0048 floater certificates, residual certificates and custodial receipts are based on the higher of the ratings that Fitch has assigned to the underlying Pennsylvania Economic Development Financing Authority junior guaranteed parking revenue bonds (Capitol Region Parking System) series B of 2013 (rated 'AA', Stable Outlook) held by the custodian and the custodial level credit enhancement provided by Deutsche Bank AG (currently rated 'A/F1', Negative Outlook), securing the custodial receipts deposited in the trust.

The short-term 'F1' rating assigned to the floater certificates is based on the liquidity facility 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 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 custodial receipts deposited in the trust. The long-term rating assigned to the floater certificates, residual certificates and custodial receipts are tied to the creditworthiness of the underling bond deposited in the trust and the long-term rating that Fitch maintains on the bank providing credit enhancement. Changes to one or both of these ratings may affect the long-term rating assigned to the floater certificates, residual certificates and custodial receipts.