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-ZF0365 'A-/F1'; Stable Outlook; --Residual Receipts Series 2016-ZF0365 'A-'; Stable Outlook;
--Floater Receipts Series 2016-ZF0369 'AAA/F1+'; Stable Outlook; Residual Receipts, Series 2016-ZF0369 'AAA'; Stable Outlook;
--Floater Receipts Series 2016-ZF0371 'A+/F1'; Negative Outlook;
--Residual Receipts Series 2016-ZF0371 'A+'; Negative Outlook.

KEY RATING DRIVERS

The Long-term 'A-'; Stable Outlook ratings assigned to the series 2016-ZF0365 Floater and Residual Receipts are based on the lower of the long-term ratings that Fitch has assigned to the two maturities of New Jersey Economic Development Authority School Facilities Construction Bonds, 2009 Series Z (CUSIP 1: 645918X24 rated 'AAApre'; Stable Outlook and CUSIP 2: 645918X73 rated 'A-'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AAA'; Stable Outlook ratings assigned to the series 2016-ZF0369 Floater and Residual Receipts are based on the rating that Fitch has assigned to the New York Liberty Development Corporation Liberty Revenue Refunding Bonds, Series 2012 (7 World Trade Center Project), Class 1 (rated 'AA+'; Stable Outlook) that have been deposited in the trust.

The Long-term 'A+'; Negative Outlook ratings assigned to the series 2016-ZF0371 Floater and Residual Receipts are based on the rating that Fitch has assigned to the Colorado Health Facilities Authority Revenue Bonds (Catholic Health Initiatives) Series 2011A (rated 'A+'; Negative Outlook) that have been deposited in the trust.

The Short-term 'F1' rating assigned to the series 2016-ZM0365 Floater Certificates is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+'; Stable Outlook) with consideration given to the increased risk of the occurrence of a tender option termination event due to the
'A-'; Stable Outlook rating assigned to one of the New Jersey Economic Development Authority School Facilities Construction Bonds, 2009 Series Z maturities 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-ZF0369 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A., has have 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-ZM0371 Floater Certificates is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+'; Stable Outlook) with consideration given to the increased risk of the occurrence of a tender option termination event due to the 'A+'; Negative Outlook rating assigned to the Colorado Health Facilities Authority Revenue Bonds (Catholic Health Initiatives) Series 2011A 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.

RATING SENSITIVITIES

The short-term ratings assigned to the Floater Receipts will be adjusted upward or downward in conjunction with the short-term rating of the bank, 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 such ratings.