Summary: Harris Cnty, TX Jun 04

Standard & Poors, June 2004

Abstract
J.P. Morgan Securities PUTTERs & DRIVERs Trust Series 456, relating to Harris County, Texas toll road senior-lien revenue refunding bonds series 2004B-1, are rated 'AAA/A-1+'. The long-term component of the rating is based on the FGIC-insured underlying bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank scheduled to expire on May 26, 2005. 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 designated "restricted PUTTERs" pursuant to section 2.8 of the "standard term and provisions of the trust agreement". The rating...

Companies mentioned in this report are:
- Harris Cnty
- 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.

- Harris Cnty
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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