Summary: JPMorgan Securities PUTTERs & DRIVERs Trust's Series 3421 Ratings Lowered To 'AA/A-1+' And 'AA'; Residual Certificates; Tender Option Certificates/Bonds Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services lowered its ratings on JPMorgan Securities PUTTERs & DRIVERs Trust's series 3421, relating to Nevada's general obligation (limited tax) capital improvement and cultural affairs bonds series 2008C, to 'AA/A-1+' and 'AA' from 'AA+/A-1+' and 'AA+', respectively. This action follows Standard & Poor's March 10, 2011, downgrade of its rating on the underlying bonds to 'AA' from 'AA+'. The long-term component of the rating is based on the underlying bonds (CUSIP #: 641461JB5, 641461JC3). The short-term component of the rating is based on the liquidity facility provided by JPMorgan Chase Bank N.A. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

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

Action: Downgraded

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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.

- Nevada
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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