Summary: J.P. Morgan Secs PUTTERs & DRIVERs Trust Series 2334 Nov 07

Standard & Poors, November 2007

Abstract
J.P. Morgan Securities, Inc., puttable tax-exempt receipts, series 2334 relating to the San Diego County Water Authority, Calif.'s water revenue certificates of participation, series 2004A are rated 'AAA/A-1+'. The long-term component of the rating is based on the 'AAA' rated FSA-insured Diego County Water Authority, Calif.'s water revenue certificates of participation, series 2004A. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A., scheduled to expire Nov. 13, 2008. 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 short-term portion of the rating does not apply to any receipts that are designated "restricted PUTTERs" pursuant...

Companies mentioned in this report are:
- San Diego Cnty Wtr 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.

- San Diego Cnty Wtr Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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