Standard & Poor's Ratings Services assigned its 'AAA/A-1+' and 'AAA' ratings to J.P. Morgan Securities Inc.'s series 1479 PUTTERs and DRIVERs, respectively, relating to the Michigan State Building Authority's 2006 revenue refunding bonds, series IA (Facilities Program). The long-term component of the rating is based on the 'AAA' rated, FGIC-insured underlying bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A. scheduled to expire on Sept. 27, 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 "restricted PUTTERs" pursuant...
Companies mentioned in this report are:
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser
Action: New Rating
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