Summary: JPMorgan Securities PUTTERs & DRIVERs Trust Series 2821 Ratings Lowered To ?AA/A-1? And ?AA'; Off Watch Negative; Residual Certificates; Tender Option Certificates/Bonds Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's Ratings Services lowered its ratings on JPMorgan Securities PUTTERs & DRIVERs Trust's series 2821, relating to Sacramento Regional County Sanitation District, Calif.'s refunding revenue bonds series 2007B, to 'AA/A-1' and 'AA' from 'AA+/A-1' and 'AA+', respectively, and removed them from CreditWatch with negative implications. These actions follow Standard & Poor's Nov. 30, 2011, downgrade of its rating on Assured Guaranty Municipal Corp. to 'AA-' from 'AA+', and removal from CreditWatch with negative implications (please see "Assured Guaranty Ltd. And Operating Companies Downgraded; Outlook Stable," published Nov. 30, 2011, on RatingsDirect on the Global Credit Portal). The long-term components of the ratings on the PUTTERs and DRIVERs are based on the rating on the Assured Guaranty Municipal Corp.-insured...

Companies mentioned in this report are:
- Sacramento Regl Cnty San Dist
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

Action: Downgraded
Action: Removed From CreditWatch

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.

- Sacramento Regl Cnty San Dist
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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