Summary: JPMorgan Securities PUTTERs & DRIVERs Trust's Series 3687Z Ratings Lowered To ?AA+/A-1+? And ?AA+?; Residual Certificates; Tender Option Certificates/Bonds Nov 10

Standard & Poors, November 2010

Abstract
Standard & Poor's Ratings Services lowered its ratings on JPMorgan Securities PUTTERs & DRIVERs Trust's series 3687Z, related to Dallas Area Rapid Transit, Texas' senior-lien sales tax revenue refunding bonds, to 'AA+/A-1+' and 'AA+' from 'AAA/A-1+' and 'AAA', respectively.. This action follows Standard & Poor's Sept. 16, 2010, downgrade of the rating on the underlying bonds to 'AA+' from 'AAA'. The long-term component of the rating is based on the underlying bonds (CUSIP: 235241FD3). The short-term component of the rating is based on the liquidity provided by JP Morgan Chase Bank N.A. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are:
- Dallas Area Rapid Transit
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

Action: Downgraded

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.

- Dallas Area Rapid Transit
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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