Summary: J.P. Morgan Secs PUTTERs & DRIVERs Trust Series 1870 Jun 07

Standard & Poors, June 2007

Abstract
J.P. Morgan Securities Inc. puttable and derivative inverse tax-exempt receipts series 1870, relating to New York City Municipal Water Finance Authority water and sewer system second general resolution revenue bonds fiscal 2007 series DD, are rated 'AA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AA' rated New York City Municipal Water Finance Authority water and sewer system second general resolution revenue bonds fiscal 2007 series DD. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A. scheduled to expire on May 29, 2008. 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 City Mun Wtr Fin 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.

- New York City Mun Wtr Fin Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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