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 2016-ZF0339 - 'AA/F1', Stable Outlook;
--Residual Receipts, Series 2016-ZF0339 -'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook assigned to both series of Floater and Residual are based on the rating that Fitch has assigned to the JEA Electric System Subordinated Revenue Bonds, 2009 Series A (rated 'AA', Stable Outlook) that have been deposited in the trusts.

The short-term 'F1' ratings assigned to the Floater Receipts is based on the liquidity facility provided by Bank of America 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 rating assigned to the Floater Receipts 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 bonds deposited in the trust. 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 trust and will reflect all changes to such rating.