Summary: JPMorgan Securities PUTTERs & DRIVERs Trust Series 3648 Ratings Off Watch Negative; Residual Certificates; Tender Option Certificates/Bonds Jul 10

Standard & Poors, July 2010

Abstract
Standard & Poor's Ratings Services removed its 'AAA/A-1+' and 'AAA' ratings on JPMorgan Securities PUTTERS & DRIVERS Trust Series' puttable tax-exempt receipts and derivative inverse tax-exempt receipts series 3648, relating to New Hampshire Health and Education Facilities Authority's (LRG Healthcare) FHA-insured mortgage revenue bonds series 2009, from CreditWatch with negative implications. The long-term component of the rating is based on the underlying bonds. The short-term component of the puttable tax-exempt receipts is based on the liquidity facility provided by JPMorgan Chase Bank N.A. This action follows Standard & Poor's June 24, 2010, removal of underlying bonds from CreditWatch with negative implications. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

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

Action: Removed From CreditWatch

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.

- LRGHealthcare
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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