Summary: New York State Dec 03

Standard & Poors, December 2003

Abstract
J.P. Morgan Securities PUTTERs & DRIVERs Trust Series (New York State) 376, relating to Tobacco Settlement Finance Corp. asset-backed revenue bonds series 2003B-1C bonds, are rated 'AA-/A-1+'. The long-term component of the rating is based on the letter of credit enhancing custodial receipts series 2003-1. Custodial receipts in the amount of $10 million are partially enhanced (54%) by a letter of credit provided by JPMorgan Chase Bank scheduled to expire Dec. 2, 2004. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank also scheduled to expire Dec. 2, 2004. The receipt holders' ability to receive the purchase price from the liquidity provider may terminate without notice under certain conditions set forth in...

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

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