Fitch Rates J.P. Morgan PUTTERs/DRIVERs, Series 4269 and 4270 Trusts

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 4269 - 'AA+/F1', Stable Outlook; DRIVERs, Series 4269 - 'AA+', Stable Outlook; and
--PUTTERs, Series 4270 - 'AA/F1', Stable Outlook; DRIVERs, Series 4270 - 'AA', Stable Outlook.

The long-term 'AA+', Stable Outlook ratings assigned to the series 4269 PUTTERs and DRIVERs are based on the rating that Fitch has assigned to the Massachusetts School Building Authority Senior Dedicated Sales Tax Refunding Bonds, 2012 Series A (rated 'AA+', Stable Outlook) that have been deposited in the series 4269 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 4270 PUTTERs and DRIVERs are based on the rating that Fitch has assigned to The Regents of the University of California Limited Project Revenue Bonds, Series G (rated 'AA', Stable Outlook) that have been deposited in the series 4270 trust.

The short-term 'F1' ratings assigned to the series 4269 and 4270 PUTTERs are based on the liquidity facilities provided by JPMorgan Chase Bank, N.A. (rated 'A+/F1', long-term rating on Rating Watch Negative). The 'F1' rating assigned to the series 4269 and 4270 PUTTERs will expire on Oct. 3, 2013, the expiration date of each of the liquidity facilities, unless such dates are extended or earlier terminated.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'U.S. Municipal Structured Finance Criteria', Feb. 28, 2012;
--'Guidelines for Rating Tender Option Bonds', May 10, 2012.

Applicable Criteria and Related Research:
U.S. Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570
Guidelines for Rating Tender Option Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678533

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Source: Fitch Ratings