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-XF2173 - 'A/F1', Stable Outlook; Residual Certificates, Series 2015-XF2173 -'A', Stable Outlook;
--Floater Certificates, Series 2015-XF2194 - 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XF2194 -'AA-', Stable Outlook;
--Floater Certificates, Series 2015-XF2196 - 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XF2196 -'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'A', Stable Outlook ratings assigned to the series 2015-XF2173 Floater Certificates and series 2015-XF2173 Residual Certificates are based on the ratings that Fitch has assigned to the guarantee provided by Morgan Stanley (currently rated 'A/F1', Stable Outlook) securing the obligations of Morgan Stanley Municipal Funding Inc. (MSMFI) pursuant to a swap agreement and credit and liquidity confirmation thereto, between MSMFI and The Bank of New York, as Custodian, securing the Custodial Receipts that have been deposited in the series 2015-XF2173 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF2194 Floater Certificates and series 2015-XF2194 Residual Certificates are based on the ratings that Fitch has assigned to The Regents of the University of California Limited Project Revenue Bonds, 2012 Series G term bonds (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF2194 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XF2196 Floater Certificates and series 2015-XF2196 Residual Certificates are based on the ratings that Fitch has assigned to Colorado Health Facilities Authority Revenue Bonds, Series 2013A (SCL Health System) term bonds (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XF2196 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), which has a stated expiration date of Nov. 15, 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 assets deposited in the trust. The long-term ratings assigned to the series 2015-XF2194 and 2015-XF2196 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. The long-term ratings assigned to the series 2015-XF2173 Floater Certificates and Residual Certificates are exclusively tied to Morgan Stanley as the guarantee provider of the obligations of MSMFI, the provider of credit enhancement for the underlying assets deposited in the trust.