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 4322 puttable tax-exempt and derivative inverse tax-exempt receipts, relating to The Indianapolis Local Public Improvement Bond Bank's (Indianapolis ) series 2013F bonds, to 'A/A-1' and 'A', respectively, from 'AA/A-1' and 'AA', respectively. This action follows Standard&Poor's Dec. 16, 2013, lowering of its rating on the underlying bonds by three notches to 'A' from 'AA'. (See, "Indianapolis GO Bond Rating Lowered To 'AA' Based On New Local GO Criteria", published Dec. 17, 2013, on RatingsDirect.) The long-term component of the ratings on the PUTTERs&DRIVERs is based on the rating on the underlying bonds
