Summary: JPMorgan Securities PUTTERs & DRIVERs Trust Series 3844 Ratings Lowered To 'AA+/A-1+' And ?AA+?; Residual Certificates; Tender Option Certificates/Bonds Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services lowered its ratings on JPMorgan Securities PUTTERs & DRIVERs Trust's series 3844, relating to Minnesota's general obligation state various purpose bonds series 2010A, to 'AA+/A-1+' and 'AA+' from 'AAA/A-1+' and 'AAA', respectively. This action follows Standard & Poor's Sept. 23, 2011, downgrade of its rating on the underlying bonds to 'AA+' from 'AAA'. The long-term component of the rating on the PUTTERs and DRIVERs is based on the rating on the underlying bonds (CUSIP #: 604129VB9). The short-term component of the rating on the PUTTERs is based on the liquidity facility provided by JPMorgan Chase Bank N.A. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security...

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

Action: Downgraded

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.

- Minnesota
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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