J.P. Morgan Securities PUTTERs&DRIVERs Trust Series7205, relating to Austin, Texas (Travis and Williamson Counties) public improvement refunding bonds series 2005, are rated 'AAA/A-1+'. The long-term component of the rating is based on the MBIA-insured underlying bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank scheduled to expire on March 9, 2006. The receipt holders' ability to receive the purchase price from the liquidity provider may terminate without notice under certain conditions set forth in the documents. The short-term portion of the rating does not apply to any receipts that are designated "restricted PUTTERs" pursuant to section 2.8 of the "standard term and provisions of the trust agreement". The rating
