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

--Floater Certificates Series 2016-XF2233 'AA-'/'F1'; Stable Outlook;

--Residual Certificates Series 2016-XF2233 'AA-'; Stable Outlook.

KEY RATING DRIVERS

The Long-Term 'AA-'/Stable Outlook ratings assigned to the series 2016-XF2233 Floater and Residual Certificates are based on the rating that Fitch has assigned to the Port Arthur Independent School District Unlimited Tax School Building Bonds Series 2008, term bonds (rated 'AA-'/Stable Outlook) that have been deposited in the series 2016-XF2233 trust.

The Short-Term 'F1' ratings assigned to the series Floater Certificates is based on the liquidity facility provided by Citibank, N. A. (rated 'A+/F1'/Stable Outlook), which have a stated expiration date of June 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 certificates and residual certificates are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to such ratings.