Summary: J.P. Morgan Secs PUTTERs & DRIVERs Trust Series 1825 May 07

Standard & Poors, May 2007

Abstract
J.P. Morgan Securities Inc. puttable and derivative inverse tax-exempt receipts series 1825, relating to Massachusetts Bay Transportation Authority senior sales tax bonds 2007 series A-1(current interest refunding bonds), are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated, Massachusetts Bay Transportation Authority senior sales tax bonds 2007 series A-1 (current interest refunding 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 May 22, 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...

Companies mentioned in this report are:
- Massachusetts Bay Transp Auth
- 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 holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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.

- Massachusetts Bay Transp Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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