J.P. Morgan Securities Inc. PUTTERs&DRIVERs Trust Series 1693, relating to San Antonio, Texas hotel occupancy tax subordinate lien, revenue refunding bonds series 2006, are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated, FSA-insured San Antonio, Texas hotel occupancy tax subordinate lien, revenue refunding bonds, series 2006. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A. scheduled to expire on Jan. 24, 2008. 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
