NEW YORK (Standard&Poor's) Dec. 26, 2013--Standard&Poor's Ratings Services has lowered its ratings on JPMorgan Securities PUTTERs&DRIVERs Trust's series 3831Z Assured Guaranty Municipal Corp. (AGM)-insured puttable tax-exempt and derivative inverse tax-exempt receipts, relating to The Indianapolis Local Public Improvement Bond Bank's (Indianapolis) series 2010F bonds, issued for the city's PILOT (payment in lieu of taxes) infrastructure projects, to 'AA-/A-1' and 'AA-', respectively, from 'AA/A-1' and 'AA', respectively. The outlook is stable. This action follows Standard&Poor's Dec. 16, 2013, lowering of its rating on the underlying bonds by one notch to 'AA-' from 'AA'. (See, "Indianapolis GO Bond Rating Lowered To 'AA' Based On New Local GO Criteria", published Dec. 17, 2013, on RatingsDirect.)
