Summary: JPMorgan Secs PUTTERs & DRIVERs Trust Series 2663, Custodial Reciept Series 2008-11 Mar 08

Standard & Poors, March 2008

Abstract
J.P. Morgan Securities, Inc., puttable tax-exempt receipts, series 2663 relating to New York State Thruway Authority's general revenue bonds, series H, are rated 'AA-/A-1+'. Additionally, Standard & Poor's assigned its 'AA-' rating to the custodial receipt, series 2008-11 evidencing beneficial ownership of $22.5 million New York State Thruway Authority's general revenue bonds, series H. The ratings are based on the series trust agreement for series 2663, which sites the asset for the trust as the custodial receipt holding the same underlying bond and the addition of a credit enhancement. The credit enhancement at the custodial receipt level is in the form of a credit and liquidity swap agreement provided by JPMorgan Chase & Co ('AA-/A-1+'). The JPMorgan Chase & Co....

Companies mentioned in this report are:
- New York St Thruway Auth
- 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 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.

- New York St Thruway Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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