NEW YORK (Standard&Poor's) Nov. 15, 2013--Standard&Poor's Ratings Services has lowered its ratings on JPMorgan Securities PUTTERs&DRIVERs Trust's series 4278 puttable tax-exempt and derivative inverse tax-exempt receipts, relating to North Carolina Medical Care Commission's (Wake Forest Baptist Obligated Group) series 2012A health care facilities revenue bonds, to 'A+/A-1' and 'A+', respectively, from 'AA-/A-1' and 'AA-', respectively. This action follows Standard&Poor's Oct. 31, 2013, lowering of its rating on the underlying bonds to 'A+' from 'AA-' (see, "Wake Forest Baptist Obligated Group, NC Revenue Bond Rating Lowered To 'A+' On Weak Results", published Nov. 1, 2013, on RatingsDirect). The long-term component of the ratings on the PUTTERs&DRIVERs is based on the rating
