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

--Floater Receipts, Series 2015-ZM0131 'AA/F1+', Negative Outlook; Residual Receipts, Series 2015-ZM0131 'AA', Negative Outlook;
--Floater Receipts, Series 2015-ZM0132 'AA/F1+', Negative Outlook; Residual Receipts, Series 2015-ZM0132 'AA', Negative Outlook;
--Floater Receipts, Series 2015-ZM0133 'AA/F1+', Negative Outlook; Residual Receipts, Series 2015-ZM0133 'AA', Negative Outlook;
--Floater Receipts, Series 2015-ZM0134 'AA/F1+', Negative Outlook; Residual Receipts, Series 2015-ZM0134 'AA', Negative Outlook;
--Floater Receipts, Series 2015-XM0136 'AA/F1+', Stable Outlook; Residual Receipts, Series 2015-XM0136 'AA', Stable Outlook;
--Floater Receipts, Series 2015-XM0137 'AA/F1+', Stable Outlook; Residual Receipts, Series 2015-XM0137 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Negative Outlook ratings assigned to the series 2015-ZM0131 and 2015-ZM0132 Floater and Residual are based on the rating that Fitch has assigned to the Michigan Finance Authority Hospital Revenue and Refunding Bonds (Trinity Health Credit Group), Series 2016MI (rated 'AA', Negative Outlook) that have been deposited in the trusts.

The long-term 'AA', Negative Outlook ratings assigned to the series 2015-ZM0133 and 2015-ZM0134 Floater and Residual are based on the rating that Fitch has assigned to the State of Connecticut Health and Educational Facilities Authority Revenue Bonds (Trinity Health Credit Group) Series 2016CT (rated 'AA', Negative Outlook) that have been deposited in the trusts.

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XM0136 and 2015-XM0137 Floater and Residual are based on the rating that Fitch has assigned to the Massachusetts Development Finance Agency Revenue Bonds, Partners HealthCare System Issue, Series Q (2016) (rated 'AA', Stable Outlook) that have been deposited in the trusts.

The short-term 'F1+' rating assigned to the series 2015-ZM0131 to 2015-ZM0134 Floater Receipts is based on the liquidity facilities provided by Royal Bank of Canada (rated 'AA/F1+', Stable Outlook), which have a stated expiration date of January 26, 2017, unless such date is extended or earlier terminated.

The short-term 'F1+' rating assigned to the series 2015-XM0136 and 2015-XM0137 Floater Receipts is based on the liquidity facilities provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+', Stable Outlook), which have a stated expiration date of January 26, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings assigned to the Floater Receipts 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 ratings of the banks, and, in some cases, the long-term ratings of the underlying bonds deposited in the trusts. The long-term ratings assigned to the Floater Receipts and Residual Receipts are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to those ratings.