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Summary: Michigan Mun Bnd Auth Apr 04 Product Image

Summary: Michigan Mun Bnd Auth Apr 04

  • Published: April 2004
  • Region: Michigan
  • Standard & Poors

Abstract
J.P. Morgan Securities Inc. puttable tax-exempt receipts series 419, relating to Michigan Municipal Bond Authority clean water revolving fund revenue bonds series 2004, are rated 'AAA/A-1+'. The long-term component of the rating is based on the underlying bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank scheduled to expire on April 21, 2005. 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 to section 2.8 of the "standard term and provisions of the trust agreement". J.P. Morgan...

Companies mentioned in this report are:
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

Action: New Rating

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 READ MORE >

- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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