Rating Action: Moody's assigns Aa2/VMIG 1 to Floater Certificates and Aa2 to Residual Certificates, Tender Option Bond Trust (Citibank Liquidity), Series 2015-XF1029Global Credit Research - 02 Mar 2022New York, March 02, 2022 -- Moody's Investors Service (Moody's) has assigned Aa2/VMIG 1 ratings to Tender Option Bond Trust (Citibank Liquidity), Floater Certificates Series 2015-XF1029 and a Aa2 rating to Tender Option Bond Trust (Citibank Liquidity), Residual Certificates Series 2015-XF1029A&B.RATINGS RATIONALEThe long-term ratings of the Certificates are based upon the long-term rating of the underlying bonds, State of California Various Purpose General Obligation Refunding Bonds (the Bonds), deposited into the trust. Payment and distribution of assets for Residual Certificates are on parity with the Floater Certificates. The short-term portion of the ratings on the Floater Certificates is based upon (i) the short-term Counterparty Risk (CR) Assessment, P-1(cr), of Citibank, N.A., as the liquidity facility provider; (ii) the long-term rating of the Bonds held in the trust; and (iii) the likelihood of an early termination of the liquidity facility without a final mandatory tender. Events that would cause the liquidity facility to terminate without a mandatory purchase of the Certificates are related to the credit quality and the tax status of the Bonds deposited into the trust. Moody's long-term rating of the Bonds is Aa2.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS** Long-term: Moody's upgrades the long-term rating of the Bonds held in the trust.** Short-term: An upgrade of the short-term rating is not applicable.FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS** Long-term: Moody's downgrades the long-term rating of the Bonds held in the trust.** Short-term: Moody's downgrades the short-term CR Assessment of the liquidity facility provider or the long-term rating of the Bonds held in the trust.** Short-term: Upon a change in the tax status of the Bonds held in the trust.The principal methodology used in these ratings was Tender Option Bonds and Related Instruments published in February 2018 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1088098. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Michael J. Loughlin Vice President - Senior Analyst Public Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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