SAN FRANCISCO (Standard&Poor's) May 14, 2012--Standard&Poor's Ratings Services said today that the revision of its outlook on JPMorgan Chase Bank N.A.'s (JPMB; A+/Negative/A-1) to negative from stable does not affect the ratings on M-S-R Energy Authority's series 2009 bonds (MSR; A-/Negative). (See "JPMorgan Chase&Co. And Banking Subsidiaries Outlook Revised To Negative On Unexpected Loss; Ratings Affirmed," published on RatingsDirect on May 11, 2012.) JPMB is the commodity swap counterparty in the MSR prepay gas transaction. Our rating on MSR's gas supply revenue bonds is linked to Citigroup Inc. (A-/Negative/A-2), which guarantees the obligations of Citigroup Energy Inc. (CEI; not rated), MSR's gas supplier. We could revise the rating and outlook on the bonds to
