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 2015-ZM0083:

--Floater receipts 'AA-/F1+', Stable Outlook;
--Residual receipts 'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-ZM0083 floater receipts and series 2015-ZM0083 residual receipts are based on the ratings that Fitch has assigned to the State Building Authority of the State of Michigan 2015 revenue and revenue refunding bonds, series I (Facilities Program) (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-ZM0083 trust.

The short-term 'F1+' rating assigned to the floater receipts is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+', Stable Outlook). The short-term rating assigned to the floater receipts will expire on Aug. 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.