OREANDA-NEWS. Fitch Rates Tender Option Bond Series 2016-ZF2314 Trust New York Fitch Ratings assigns the following ratings to the floater certificates and residual certificates of the Tender Option Bond Series Trust listed below:

--Floater certificates, series 2016-ZF2314 'AA-/F1'/Outlook Stable;

--Residual certificates, series 2016-ZF2314 'AA-'/Outlook Stable.

KEY RATING DRIVERS

The long-term 'AA-'/Outlook Stable ratings assigned to the series 2016-ZF2314 floater and residual certificates are based on the rating that Fitch has assigned to the Metropolitan Washington Airports Authority Airport System revenue refunding bonds series 2012A (rated 'AA-'/Outlook Stable) that have been deposited in the series 2016-ZF2314 trust.

The short-term 'F1' ratings assigned to the series floater certificates is based on the liquidity facility provided by Barclays Bank PLC (rated 'A/F1'/Outlook Stable), 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 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 rating.