Summary: J.P. Morgan Securities PUTTERs & DRIVERs Trust Series Aug 06

Standard & Poors, August 2006

Abstract
J.P. Morgan Securities Inc.'s Puttable tax-exempt receipts, series 1443, relating to the City of Detroit, Mich., Water Supply System revenue senior lien bonds, series 2006(A), are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated, FSA-insured City of Detroit Water Supply System revenue senior lien bonds, series 2006(A). The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A. scheduled to expire Aug. 16, 2007. 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...

Companies mentioned in this report are:
- Detroit
- 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.

- Detroit
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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