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

--Floater Certificates, Series 2016-XM0145 - 'AA+/F1', Stable Outlook; Residual Certificates, Series 2016-XM0145 -'AA+', Stable Outlook;
--Floater Receipts, Series 2015- XM0176 - 'AA/F1+', Stable Outlook; Residual Receipts, Series 2016-XM0176 -'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA+', Stable Outlook assigned to the Floater and Residual Certificates is based on the rating that Fitch has assigned to New York City Municipal Finance Authority Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2007 Series DD (rated 'AA+', Stable Outlook) that have been deposited in the series 2016-XM0145 trust.

The long-term 'AA', Stable Outlook assigned to the Floater and Residual Receipts is based on the rating that Fitch has assigned to Metropolitan Transportation Authority Dedicated Tax Fund Refunding Bonds, Series 2016A (rated 'AA', Stable Outlook) that have been deposited in the series 2016-XM0176 trust.

The short-term 'F1' rating assigned to the series 2016-XM0145 Floater Certificates is based on the liquidity facility provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Stable Outlook), which has a stated expiration date of Feb. 15, 2017, unless such date is extended or earlier terminated.

The short-term 'F1+' rating assigned to the series 2016-XM0176 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+', Stable Outlook), which has a stated expiration date of Nov. 15, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings 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 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 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.