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

--Floater Certificates, Series 2015-XM0106 'A/F1', Stable Outlook; Residual Certificates, Series 2015-XM0106 'A', Stable Outlook;
--Floater Certificates, Series 2015-XM0107 'A/F1', Stable Outlook; Residual Certificates, Series 2015-XM0107 'A', Stable Outlook;
--Floater Certificates, Series 2015-XM0111 'AA-/F1', Stable Outlook; Residual Certificates, Series 2015-XM0111 'AA-', Stable Outlook;
--Floater Certificates, Series 2015-XM0112 'AA/F1', Stable Outlook; Residual Certificates, Series 2015-XM0112 'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'A', Stable Outlook ratings assigned to the series 2015-XM0106 and 2015-XM0107 Floater Certificates and Residual Certificates are based on the rating that Fitch has assigned to the New York Liberty Development Corporation Revenue Bonds, Series 2005 term bonds (rated 'A', Stable Outlook) that have been deposited in the series 2015-XM0106 and 2015-XM0107 trusts.

The long-term 'AA-', Stable Outlook ratings assigned to the series 2015-XM0111 Floater Certificates and Residual Certificates are based on the rating that Fitch has assigned to the Greater Orlando Aviation Authority Airport Facilities Revenue Bonds, Series 2010A (Non-AMT) term bonds (rated 'AA-', Stable Outlook) that have been deposited in the series 2015-XM0111 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 2015-XM0112 Floater Certificates and Residual Certificates are based on the rating that Fitch has assigned to the California Health Facilities Financing Authority Refunding Revenue Bonds 2010 Series B term bonds (rated 'AA', Stable Outlook) that have been deposited in the series 2015-XM0112 trust.

The short-term 'F1' ratings assigned to the Floater Certificates is based on the liquidity facilities provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Stable Outlook), which has a stated expiration date of Nov. 15, 2016, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the Floater Certificates 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 rating assigned to the Floater Certificates and Residual Certificates is exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.