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-XM0080 'AA-/F1'; Stable Outlook;
--Residual Certificates Series 2015-XM0080 'AA-'; Stable Outlook.

KEY RATING DRIVERS

The Long-term 'AA-'; Stable Outlook ratings assigned to the series 2015-XM0080 Floater Certificates and series 2015-XM0080 Residual Certificates are based on the ratings that Fitch has assigned to City and County of Honolulu Wastewater System Revenue Bonds (Second Bond Resolution) Junior Series 2015A Bonds (Refunding) serial bonds (rated 'AA-'; Stable Outlook) that have been deposited in the series 2015-XM0080 trust.

The Short-term 'F1' rating assigned to the Floater Certificates is based on the liquidity facilities provided by Citibank, N.A. (rated 'A+/F1'; Stable Outlook) in the form of a shortfall liquidity swap agreement, which has a stated expiration date of July 1, 2016, 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.