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-ZF0348 'AA/F1', Stable Outlook; Residual Receipts, Series 2016-ZF0348 'AA', Stable Outlook;
--Floater Receipts, Series 2016-ZF0350 'AA+/F1', Stable Outlook; Residual Receipts, Series 2016-ZF0350 'AA+', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-ZF0348 Floater and Residual Receipts are based on the rating that Fitch has assigned to the Public Facilities Financing Authority of San Diego Senior Sewer Revenue Bonds, Series 2009A (rated 'AA', Stable Outlook) that have been deposited in the trusts.

The long-term 'AA+', Stable Outlook ratings assigned to the series 2016-ZF0350 Floater and Residual Receipts are based on the rating that Fitch has assigned to the New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds, Fiscal 2007 Series A (rated 'AA+', Stable Outlook) that have been deposited in the trusts.

The short-term 'F1' ratings assigned to both series of Floater Receipts are based on the liquidity facilities provided by Bank of America N.A. (rated 'A+/F1', Stable Outlook), which have 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 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 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 such ratings.