OREANDA-NEWS. Fitch Ratings assigns the following ratings to the Floater Certificates and Residual Certificates of the Tender Option Bond Trust series listed below:

--Floater Certificates Series 2016-XM0360 'AA/F1', Stable Outlook;

--Residual Certificates Series 2016-XM0360 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 2016-XM0360 Floater and Residual Certificates are based on the rating that Fitch has assigned to the Harbor Department of the City of Los Angeles refunding revenue bonds, 2006 series B (AMT), serial bonds (rated 'AA', Stable Outlook) that have been deposited in the 2016-XM0360 trust.

The short-term 'F1' rating assigned to the series 2016-XM0360 Floater Certificates is based on the liquidity facility provided by Citibank, N. A. (rated 'A+/F1', Stable Outlook), which has a stated expiration date of July 1, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Floater Certificates 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 and Residual Certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such rating.