Summary: J.P. Morgan Secs PUTTERs & DRIVERs Trust Series 2421 Jan 08

Standard & Poors, January 2008

Abstract
J.P. Morgan Securities, Inc., puttable tax-exempt receipts, series 2421, relating to the Dormitory Authority of the State of New York's state personal income tax revenue refunding bonds, (education) series 2005B are rated 'AAA/A-1+'. The long-term component of the rating is based on the 'AAA' rated AMBAC-insured Dormitory Authority of the State of New York's state personal income tax revenue refunding bonds, (education) series 2005B. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A. scheduled to expire Jan. 2, 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...

Companies mentioned in this report are:
- New York State Dorm 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.

- New York State Dorm Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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