J.P. Morgan Securities PUTTERs&DRIVERs Trust Series 515, relating to Colorado Springs, Colo. utilities system subordinate-lien improvement revenue bonds series 2004B, are rated 'AA/A-1+'. The long-term component of the rating is based on the underlying bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank scheduled to expire on Sept. 29, 2005. 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 on
