Summary: Santa Margarita-Dana Point Auth, CA May 04
Standard & Poors, May 2004
Abstract
J.P. Morgan Securities PUTTERs & DRIVERs Trust Series 439, relating to Santa Margarita-Dana Point Authority revenue bonds series 2004A, are rated 'AAA/A-1+'. The long-term component of the rating is based on the Ambac-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 May 5, 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:
- Santa Margarita-Dana Point 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.
- Santa Margarita-Dana Point Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser
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