OREANDA-NEWS. Fitch Ratings assigns the following ratings to the Puttable Floating Rate Receipts (Floater Receipts), Inverse Floating Rate Receipts (Residual Receipts), Floater Certificates and Residual Certificates of the Tender Option Bond Trust series listed below:

--Floater Receipts, Series 2015-ZF0168 - 'AA-/F1+', Outlook Stable; Residual Receipts, Series 2015-ZF0168 -'AA-', Outlook Stable;
--Floater Certificates, Series 2015-XF2105 - 'AA-/F1', Outlook Stable; Residual Certificates, Series 2015-XF2105 -'AA-', Outlook Stable.

KEY RATING DRIVERS

The long-term 'AA-', Outlook Stable ratings assigned to the series 2015-ZF0168 Floater Receipts and series 2015-ZF0168 Residual Receipts is based on the rating that Fitch has assigned to Rutgers, The State University General Obligation Bonds, 2013 Series L (Tax Exempt) (rated 'AA-', Outlook Stable) that have been deposited in the series 2015-ZF0168 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF2105 Floater Certificates and series 2015-XF2105 Residual Certificates are based on the ratings that Fitch has assigned to Rutgers, The State University (The State University of New Jersey) General Obligation Bonds, 2013 Series L (Tax Exempt), serial bonds and General Obligation Refunding Bonds, 2013 Series J (Tax Exempt), serial bonds (rated 'AA-', Outlook Stable) that have been deposited in the series 2015-XF2105 trust.

The short-term 'F1+' rating assigned to the series 2015-ZF0168 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+', Outlook Stable), which has a stated expiration date of May 15, 2016, unless such date is extended or earlier terminated.

The short-term 'F1' rating assigned to the series 2015-XF2105 Floater Certificates is based on the liquidity facility provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Outlook Stable), which has a stated expiration date of Dec. 15, 2015, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Floater Receipts and Floater Certificates reflects the short-term ratings that Fitch maintains on the banks providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the banks, and, in some cases, the long-term ratings of the underlying bonds deposited in the trust. The long-term ratings assigned to the Floater and Residual Receipts and Floater and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to those ratings.