Summary: JPMorgan Securities PUTTERs & DRIVERs Trust's Series 3551; Residual Certificates; Tender Option Certificates/Bonds Jan 11

Standard & Poors, January 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AA-/A-1+' and 'AA-' ratings on JPMorgan Securities PUTTERs & DRIVERs Trust's receipts series 3551, relating to Ohio's (Cleveland Clinic Health System Obligated Group) hospital revenue refunding bonds series 2009A. This action follows the deposit of additional bonds into the trust. 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 N.A. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are:
- Cleveland Clinic Hlth Sys
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

Action: Affirmed

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.

- Cleveland Clinic Hlth Sys
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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