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

--Floater Receipts, Series 2016-ZM0168 'BBB/F2', Stable Outlook;
--Residual Receipts, Series 2016-ZM0168 'BBB', Stable Outlook;
--Floater Certificates, Series 2016-ZM0175 'AA/F1', Stable Outlook;
--Residual Certificates, Series 2016-ZM0175 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'BBB', Stable Outlook ratings assigned to the Floater and Residual Receipts are based on the rating that Fitch has assigned to Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Bonds, Series 2012A (rated 'BBB', Stable Outlook) that have been deposited in the series 2016-ZM0168 trust.

The long-term 'AA', Stable Outlook ratings assigned to the Floater and Residual Receipts are 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-ZM0175 trust.

The short-term 'F2' rating assigned to the series 2016-ZM0168 Floater Certificates is based on the liquidity facility provided by Royal Bank of Canada, acting through its New York Branch (rated 'AA/F1+', Negative Outlook) with consideration given to the increased risk of the occurrence of a tender option termination event due to the 'BBB' rating of the bonds deposited in the trust. A tender option termination event would occur if the rating assigned to the underlying bonds deposited in the trust were downgraded to below 'BBB-'. The liquidity facility has a stated expiration date of March 15, 2017, unless such date is extended or earlier terminated.

The short-term 'F1+' rating assigned to the series 2016-ZM0175 Floater Receipts 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 March 15, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings assigned to the Floater Receipts and Floater Certificates reflect 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.