Summary: J.P. Morgan Securities PUTTERs & DRIVERs Trust Series Jun 06

Standard & Poors, June 2006

Abstract
Standard & Poor's Ratings Services assigned its 'AA/A-1+' and 'AA' ratings to J.P. Morgan Securities Inc.'s series 1378 PUTTERs and DRIVERs, respectively, relating to the Pennsylvania Higher Educational Facilities Authority's series 2006FF2 revenue bonds (Association of Independent Colleges and Universities of Pennsylvania Financing Program). The long-term component of the rating is based on the 'AA' rated, Radian-insured Pennsylvania Higher Educational Facilities Authority's series 2006FF2 revenue 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 June 28, 2007. 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...

Companies mentioned in this report are:
- Elizabethtown Coll
- Pennsylvania Hgr Ed Fac 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.

- Elizabethtown Coll
- Pennsylvania Hgr Ed Fac Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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