Fitch Rates J.P. Morgan PUTTERs/DRIVERs, Series 1475, 4350, 4353, 4370, 4372 and 4399 Trusts

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NEW YORK--(BUSINESS WIRE)--

Fitch Ratings assigns the following ratings to the Puttable Tax-Exempt Receipts (PUTTERs) and Derivative Inverse Tax-Exempt Receipts (DRIVERs) of the J.P. Morgan PUTTERs/DRIVERs Trust series listed below:

--PUTTERs, Series 1475 'AA/F1+', Stable Outlook; DRIVERs, Series 1475 'AA', Stable Outlook;

--PUTTERs, Series 4350 'AAA/F1', Stable Outlook; DRIVERs, Series 4350 'AAA', Stable Outlook;

--PUTTERs, Series 4353 'AA+/F1', Stable Outlook; DRIVERs, Series 4353 'AA+', Stable Outlook;

--PUTTERs, Series 4370 'AA-/F1', Stable Outlook; DRIVERs, Series 4370 'AA-', Stable Outlook;

--PUTTERs, Series 4372 'AAA/F1', Stable Outlook; DRIVERs, Series 4372 'AAA', Stable Outlook;

--PUTTERs, Series 4399 'AAA/F1', Stable Outlook; DRIVERs, Series 4399 'AAA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 1475 PUTTERs and DRIVERs are based on the rating that Fitch has assigned to City and County of Honolulu Wastewater System Revenue Bonds (First Bond Resolution), Senior Series 2006A (rated 'AA', Stable Outlook) that have been deposited in the series 1475 trust.

The long-term 'AAA', Stable Outlook ratings assigned to the series 4350 PUTTERs and DRIVERs are based on the rating that Fitch has assigned to State of North Carolina General Obligation Refunding Bonds, Series 2013D (rated 'AAA', Stable Outlook) that have been deposited in the series 4350 trust.

The long-term 'AA+', Stable Outlook ratings assigned to the series 4353 PUTTERs and DRIVERs are based on the rating that Fitch has assigned to Virginia College Building Authority Educational Facilities Revenue Bonds (21st Century College and Equipment Programs) Series 2012B (rated 'AA+', Stable Outlook) that have been deposited in the series 4353 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 4370 PUTTERs and DRIVERs are based on the rating that Fitch has assigned to City of Chula Vista Industrial Development Revenue Refunding Bonds (San Diego Gas & Electric Company) 2004 Series F (AMT) (rated 'AA-', Stable Outlook) that have been deposited in the series 4370 trust.

The long-term 'AAA', Stable Outlook ratings assigned to the series 4372 PUTTERs and DRIVERs are based on the rating that Fitch has assigned to The Board of Governors of the University of North Carolina The University of North Carolina at Chapel Hill General Revenue Bonds, Series 2012A (rated 'AAA', Stable Outlook) that have been deposited in the series 4372 trust.

The long-term 'AAA', Stable Outlook ratings assigned to the series 4399 PUTTERs and DRIVERs are based on the rating that Fitch has assigned to New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds, Fiscal 2013 Series B (rated 'AAA', Stable Outlook) that have been deposited in the series 4399 trust.

The short-term 'F1' rating assigned to the 4350, 4353, 4370, 4372 and 4399 PUTTERs is based on the liquidity facilities provided by JPMorgan Chase & Co. (rated 'A+/F1', Stable Outlook). The short-term 'F1+' rating assigned to the 1475 PUTTERs is based on the liquidity facility provided by Deutsche Bank AG New York Branch (rated 'A+/F1+', Stable Outlook). The short-term 'F1' rating assigned to the series 4350, 4353, 4372 and 4399 PUTTERs will expire on June 30, 2014, the short-term 'F1' rating assigned to the 4370 PUTTERs will expire on July 1, 2014 and the short-term 'F1+' rating assigned to the 1475 PUTTERs will expire on Feb. 15, 2014, the expiration dates of the liquidity facilities, unless such dates are extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the PUTTERs reflects the short-term rating that Fitch maintains on the bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term rating of the underlying bonds deposited in the trust. The long-term ratings assigned to the PUTTERs and DRIVERs are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

'U.S. Municipal Structured Finance Criteria', Feb. 27, 2013;

'Guidelines for Rating Tender Option Bonds', May 9, 2013.

Applicable Criteria and Related Research:

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701570

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=803319

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Contact:
Fitch Ratings
Primary Analyst:
Richard Park, +1-212-908-0289
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Trudy Zibit, +1-212-908-0689
Managing Director
or
Committee Chairperson:
Linda Friedman, +1-212-908-0727
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

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