J.P. Morgan Securities Inc. puttable tax-exempt receipts series 1319, relating to Austin, Texas water and wastewater system revenue refunding bonds series 2005, are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated, MBIA-insured Austin, Texas water and wastewater system revenue refunding bonds series 2005. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A. scheduled to expire on May 3, 2007. 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
