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 2015-ZF0180 'AA-/F1+', Stable Outlook; Residual Receipts, Series 2015-ZF0180 'AA-', Stable Outlook;
--Floater Receipts, Series 2015-ZF0191 'AA/F1+', Stable Outlook; Residual Receipts, Series 2015-ZF0191'AA', Stable Outlook;
--Floater Receipts, Series 2015-ZF0200 'AA/F1+', Stable Outlook; Residual Receipts, Series 2015-ZF0200 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-ZF0180 Floater Receipts and series 2015-ZF0180 Residual Receipts are based on the ratings that Fitch has assigned to San Joaquin Delta Community College District (San Joaquin, Sacramento, Calaveras, Solano and Alameda Counties, California) General Obligation Bonds, Election of 2004, Series 2014C (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-ZF0180 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-ZF0191 and 2015-ZF0200 Floater Receipts and series 2015-ZF0191 and 2015-ZF0200 Residual Receipts are based on the ratings that Fitch has assigned to Washington Health Care Facilities Authority Refunding Revenue Bonds, Series 2015B (rated 'AA', Stable Outlook) that have been deposited in the series 2015-ZF0191 and 2015-ZF0200 trusts.

The short-term 'F1+' rating assigned to the each of the Floater Receipts is based on the liquidity facilities provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+', Stable Outlook). The short-term rating assigned to the Floater Receipts will expire on May 15, 2016, the expiration date of all the liquidity facilities, 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 that rating.