Summary: JPMorgan Securities PUTTERs & DRIVERs Trust Series 2954; Residual Certificates; Tender Option Certificates/Bonds Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+/A-1+' and 'AA+' ratings on JPMorgan Securities PUTTERs & DRIVERs Trust 's series 2954, relating to Detroit School District, Mich.'s (Wayne County) school building and site improvement (unlimited-tax general obligation) bonds series 2001A. The rating remains on CreditWatch with negative implications. This action follows the amendment to the series trust agreement. The long-term component of the rating on the PUTTERs and DRIVERs is based on the rating on the underlying bonds. The short-term component of the rating on the PUTTERs 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:
- Detroit Sch Dist
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

Action: Affirmed

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.

- Detroit Sch Dist
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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