Summary: J.P. Morgan Secs PUTTERs & DRIVERs Trust Series 2397 Dec 07

Standard & Poors, December 2007

Abstract
J.P. Morgan Securities, Inc., puttable tax-exempt receipts, series 2397 relating to the City of New York, N.Y.'s GO bonds, fiscal 2006 series I, tax-exempt bonds, subseries I-1 are rated 'AA/A-1+'. The long-term component of the rating is based on the 'AA' rated City of New York, N.Y.'s GO bonds, fiscal 2006 series I, tax-exempt bonds, subseries I-1. The short-term component of the rating is based on a liquidity facility provided by PNC Bank National Association scheduled to expire Dec. 18, 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:
- New York City
- 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.

- New York City
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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