Summary: J.P. Morgan Secs PUTTERs & DRIVERs Trust Series 1942Q Jul 07

Standard & Poors, July 2007

Abstract
J.P. Morgan Securities, Inc. puttable and derivative inverse tax-exempt receipts series 1942Q, relating to Clear Creek Independent School District unlimited tax school building bonds series 2007, are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated Clear Creek Independent School District unlimited tax school building bonds series 2007. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A. scheduled to expire on July 24, 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...

Companies mentioned in this report are:
- Clear Creek Indpt Sch Dist
- 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.

- Clear Creek Indpt Sch Dist
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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