During the course of routine surveillance, Fitch Ratings takes various rating actions on tender-option bonds (TOBs) issued by JP Morgan PUTTERs/DRIVERs Trust.
The long-term rating assigned to the bonds is based on the rating assigned by Fitch to the underlying bond deposited in the trust. The short-term rating assigned to the bonds is based on the rating assigned by Fitch to the bank providing liquidity to the bonds and consideration given to the long-term rating of the certificates deposited in the trust.
Additional information is available at www.fitchratings.com.
Applicable Criteria and Related Research:
-- 'U.S. Municipal Structured Finance Rating Criteria', dated April 25, 2011.
--'Guidelines for Rating Tender Option Bond Securities', dated May 25, 2011.
Applicable Criteria and Related Research: Fitch Takes Various Rating Actions on TOBs Issued by JP Morgan PUTTERs/DRIVERs Trust (NY)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=649399
U.S. Municipal Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129
Guidelines for Rating Tender Option Bond Securities
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=632790
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Contacts:
Fitch Ratings
Primary Analyst
Richard Park, +1-212-908-0289
Associate
Director
Fitch, Inc.
33 Whitehall Street
New York, NY
10004
or
Secondary Analyst
Trudy Zibit, +1-212-908-0689
Managing
Director
or
Media Relations:
Cindy Stoller,
+1-212-908-0526
Email: cindy.stoller@fitchratings.com