Summary: J.P. Morgan Secs PUTTERs & DRIVERs Trust Series 2132 Sep 07

Standard & Poors, September 2007

Abstract
J.P. Morgan Securities, Inc., puttable and derivative inverse tax-exempt receipts, series 2132 relating to the Dormitory Authority of the State of New York's state personal income tax revenue bonds (education), series 2005F are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated Dormitory Authority of the State of New York's state personal income tax revenue bonds (education), series 2005F. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A., scheduled to expire Sept. 11, 2008. 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...

Companies mentioned in this report are:
- New York State Dorm Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

Action: New Rating

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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 State Dorm Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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