Summary: JPMorgan Securities PUTTERs & DRIVERs Trust Series 4010; Residual Certificates; Tender Option Certificates/Bonds Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA/A-1' and 'AA' ratings to JPMorgan Securities PUTTERs & DRIVERs Trust's series 4010, relating to Kansas Development Finance Authority's revenue bonds series 2011K (Kansas Department of Commerce Impact Program). The long-term component of the rating on the PUTTERs and DRIVERs is based on the rating on the underlying asset (AA). The short-term component of the rating on the PUTTERsis based on the rating on JPMorgan Chase & Bank N.A., until Dec. 13, 2012. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description...

Companies mentioned in this report are:
- Kansas Dev Fin 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.

- Kansas Dev Fin Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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