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-XF2348 'AA/F1'; Stable Outlook;

--Residual Certificates, Series 2016- XF2348 'AA'; Stable Outlook;

--Floater Certificates, Series 2016-XF2353 'AA/F1'; Stable Outlook;

--Residual Certificates, Series 2016- XF2353 'AA'; Stable Outlook;

--Floater Certificates, Series 2016-XF2356 'AA-/F1'; Stable Outlook;

--Residual Certificates, Series 2016- XF2356 'AA-'; Stable Outlook;

--Floater Certificates, Series 2016-XF2357 'AA-/F1'; Stable Outlook;

--Residual Certificates, Series 2016- XF2357 'AA-'; Stable Outlook.

KEY RATING DRIVERS

The Long-Term 'AA'/Stable Outlook ratings assigned to the series 2016-XF2348 Floater and Residual Certificates are based on the rating that Fitch has assigned to the Community Development Administration Maryland Department of Housing and Community Development Residential Revenue Bonds 2006 Series I and L and 2007 Series D and H (rated 'AA'/Stable Outlook) that have been deposited in the series 2016-XF2348 trust.

The Long-Term 'AA'/Stable Outlook ratings assigned to the series 2016-XF2353 Floater and Residual Certificates are based on the rating that Fitch has assigned to the California Health Facilities Financing Authority Refunding Revenue Bonds (Stanford Hospital and Clinics) 2008 Series A-2 and A-3 (rated 'AA'/Stable Outlook) that have been deposited in the series 2016-XF2353 trust.

The Long-Term 'AA-'/Stable Outlook ratings assigned to the series 2016-XF2356 Floater and Residual Certificates are based on the rating that Fitch has assigned to the Rutgers, The State University (The State University of New Jersey) General Obligation Bonds 2013 Series L (Tax-Exempt) (rated 'AA-'/ Stable Outlook) that have been deposited in the series 2016-XF2356 trust.

The Long-Term 'AA-'/Stable Outlook ratings assigned to the series 2016-XF2357 Floater and Residual Certificates are based on the rating that Fitch has assigned to the New Jersey Economic Development Authority Rutgers University General Obligation Lease Revenue Bonds (College Avenue Redevelopment Project) Series 2013 (rated 'AA-'/Stable Outlook) that have been deposited in the series 2016-XF2357 trust.

The Short-Term 'F1' ratings assigned to the series Floater Certificates are based on the liquidity facility provided by Credit Suisse AG, New York Branch (rated 'A/F1'/Stable Outlook), which has a stated expiration date of July 15, 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.