Summary: JPMorgan Securities PUTTERs & DRIVERs Trust; Residual Certificates; Tender Option Certificates/Bonds Jul 12

Standard & Poors, July 2012

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA/A-1' and 'AAA' ratings on JPMorgan Securities PUTTERs & DRIVERs Trust's series 3861, relating to Metropolitan Pier & Exposition Authority's (McCormick Place Expansion Project) refunding bonds series 2010B-1 and 2010B-2. This action follows the deposit of additional bonds into the trust. 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 a 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 as defined in the Rule, to include a description of the representations, warranties...

Companies mentioned in this report are:
- Metropolitan Pier & Exposition Auth
- 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.

- Metropolitan Pier & Exposition Auth
- JPMorgan Secs PUTTERs & DRIVERs Tr Ser

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