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Summary: Massachusetts Apr 04 Product Image

Summary: Massachusetts Apr 04

  • Published: April 2004
  • Region: Massachusetts
  • Standard & Poors

Abstract
J.P. Morgan Securities PUTTERs & DRIVERs Trust Series 414, relating to Massachusetts general obligation bonds, consolidated loan of 2002 series C, are rated 'AAA/A-1+'. The long-term component of the rating is based on the MBIA-insured underlying bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank scheduled to expire on March 31, 2005. The receipt holders' ability to receive the purchase price from the liquidity provider may terminate without notice under certain conditions set forth in the documents. The short-term portion of the rating does not apply to any receipts that are designated "restricted PUTTERs" pursuant to section 2.8 of the "standard term and provisions of the trust agreement". The rating on...

Companies mentioned in this report are:
- Massachusetts
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit READ MORE >

- Massachusetts
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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