Summary: New Jersey Transit Corp Sep 05

Standard & Poors, September 2005

Abstract
J.P. Morgan Securities PUTTERs & DRIVERs Trust Series 1057, relating to New Jersey Transit Corp. subordinate certificates of participation (series 2005A), are rated 'AAA/A-1' and 'AAA', respectively. The long-term component of the rating and the long-term rating are based on the 'AAA' rated, FGIC-insured New Jersey Transit Corp. subordinate certificates of participation (series 2005A). The short-term component of the rating is based on a liquidity facility provided by JP Morgan Chase & Co. scheduled to expire on Sept. 7, 2006. 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...

Companies mentioned in this report are:
- New Jersey Transit Corp
- 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 Jersey Transit Corp
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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