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-XF0395 'AAA/F1', Stable Outlook;
--Residual Receipts, series 2016-XF0395 'AAA', Stable Outlook;
--Floater Receipts, series 2016-XF0405 'AA-/F1+', Stable Outlook;
--Residual Receipts, series 2016-XF0405 'AA-', Stable Outlook.

KEY RATING DRIVERS

The Long-Term Rating of 'AAA'/Stable Outlook assigned to the series 2016-XF0395 Floater and Residual Receipts are based on the rating that Fitch has assigned to the New Jersey Environmental Infrastructure Trust Environmental Infrastructure refunding bonds, series 2012A-R (rated 'AAA'/ Stable Outlook) that have been deposited in the trust.

The Long-Term Rating of 'AA-'/Stable Outlook assigned to the series 2016-XF0405 Floater and Residual Receipts are based on the rating that Fitch has assigned to the Triborough Bridge and Tunnel Authority General Revenue Bonds, series 2009A-2 (rated 'AA-', Stable Outlook) that have been deposited in the trust.

The short-term 'F1' rating assigned to the series 2016-XF0395 Floater Receipts is based on the liquidity facility provided by Bank of America N.A. ('A+/F1'/Stable Outlook), which has a stated expiration date of April 15, 2017, unless such date is extended or earlier terminated.

The short-term 'F1+' rating assigned to the series 2016-XF0405 Floater Receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. ('AA-/F1+'/Stable Outlook), which has a stated expiration date of April 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 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 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.