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Summary: California May 04 Product Image

Summary: California May 04

  • Published: May 2004
  • Region: California
  • Standard & Poors

J.P. Morgan Securities PUTTERs & DRIVERs Trust Series 448, relating to California economic recovery bonds series 2004A and series 2004B, are rated 'AA-/A-1+'. The long-term component of the rating is based on the underlying bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank scheduled to expire on May 19, 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 the receipts...

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

Action: New Rating

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 rating of READ MORE >

- California
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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