Summary: Pennsylvania Hgr Ed Fac Auth Jun 05

Standard & Poors, June 2005

Abstract
J.P. Morgan Securities PUTTERs & DRIVERs Trust Series 947, relating to Pennsylvania Higher Educational Facilities Authority, The Trustees of the University of Pennsylvania revenue bonds series B of 2005, are rated 'AA/A-1+' and 'AA', respectively. The long-term component of the rating and the long-term rating are based on the 'AA' rated Pennsylvania Higher Educational Facilities Authority, The Trustees of the University of Pennsylvania revenue bonds series B of 2005. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank, N.A. scheduled to expire on June 8, 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...

Companies mentioned in this report are:
- Pennsylvania Hgr Ed Fac 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.

- Pennsylvania Hgr Ed Fac Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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