J.P. Morgan Securities, Inc., puttable and derivative inverse tax-exempt receipts, series 2149, and series 2149 A and B, relating to the East Bay Municipal Utility District's (Alameda and Contra Costa counties, Calif.) wastewater system subordinated revenue/refunding bonds, series 2007B are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated FGIC-insured East Bay Municipal Utility District's (Alameda and Contra Costa counties, Calif.) wastewater system subordinated revenue/refunding bonds, series 2007B. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A., scheduled to expire Sept. 11, 2008. The receipt holders' ability to receive the purchase price from the liquidity provider may terminate without notice under certain conditions
