J.P. Morgan Securities, Inc., puttable tax-exempt receipts, series 2535 relating to New York City Transitional Finance Authority's building aid revenue bonds, series S-2 are rated 'AAA/A-1+' and 'AAA'. The long-term component of the rating is based on the underlying bond. This bond has secondary market bond insurance provided by Assured Guaranty Corp, and primary market bond insurance provided by FGIC. Initially, the trust is rated based on the highest of these credit supports and will be rated ongoing on that basis. The short-term component of the rating is based on a liquidity facility provided by JP Morgan Chase Bank, NA ('AA/A-1') scheduled to expire Feb. 19, 2009. The short-term rating of the trust will be also based on the correlated...
Companies mentioned in this report are:
- New York City Transitional Fin Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser
Action: New Rating
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