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Summary: JPMorgan Securities PUTTERs & DRIVERs Trust's Series 2286 Rating Lowered To 'AA+/A-1'; Residual Certificates; Tender Option Certificates/Bonds May 11

Description:
Abstract
Standard & Poor's Ratings Services lowered its rating on JPMorgan Securities PUTTERS & DRIVERs Trust's PUTTERs series 2286, relating to Massachusetts School Building Authority's dedicated sales tax revenue bonds series 2007A, to 'AA+/A-1' from 'AA+/A-1+', based on the substitution of the existing liquidity agreement and an amendment to the standard terms. The existing liquidity agreement provided by JPMorgan Chase Bank N.A. (A-1+) will be substituted with a liquidity agreement provided by Deutsche Bank AG (A-1). At the same time, Standard & Poor's affirmed its 'AA+' rating on the DRIVERs series 2007A. The long-term component of the rating is based on the underlying bonds. The short-term component of the rating on the PUTTERs is based on a liquidity facility provided by...

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

Action: Downgraded

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 holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
 
Companies Mentioned
- Massachusetts Sch Bldg Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser
 
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Summary: JPMorgan Securities PUTTERs & DRIVERs Trust's Series 2286 Rating Lowered To 'AA+/A-1'; Residual Certificates; Tender Option Certificates/Bonds May 11

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