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 2016-XM0178 'AA-/F1', Stable Outlook; Residual Certificates, Series 2016-XM0178 'AA-', Stable Outlook;
--Floater Certificates, Series 2016-XM0184 'A-/F1', Stable Outlook; Residual Certificates, Series 2016-XM0184 'A-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-', Stable Outlook ratings assigned to the series 2016-XM0178 Floater and Residual Certificates are based on the rating that Fitch has assigned to The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Ninety-Fourth Series term bonds (rated 'AA-', Stable Outlook) that have been deposited in the trust.

The long-term 'A-', Stable Outlook ratings assigned to the series 2016-XM0184 Floater and Residual Certificates are based on the rating that Fitch has assigned to The Lower Alabama Gas District Gas Project Revenue Bonds, Series 2016A term bonds (rated 'A-', Stable Outlook) that have been deposited in the trust.

The short-term 'F1' rating assigned to the series 2016-XM0178 Floater Certificates is based on the liquidity facility provided by Credit Suisse, A.G., New York Branch (rated 'A/F1', Positive Outlook), which has a stated expiration date of March 15, 2017, unless such date is extended or earlier terminated.

The short-term 'F1' rating assigned to the series 2016-XM0184 Floater Certificates is based on the liquidity facility provided by Morgan Stanley Bank, N.A. (rated 'A+/F1', Stable Outlook), which has a stated expiration date of March 15, 2017, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term ratings assigned to the Floater Certificates reflects the short-term ratings that Fitch maintains on the banks providing liquidity support and will be adjusted upward or downward in conjunction with the short-term ratings of the banks, and, in some cases, the long-term ratings of the underlying bonds deposited in the trusts. The long-term ratings assigned to the Floater 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.