J.P. Morgan Securities Inc., puttable and derivative inverse tax-exempt receipts, series 2223, relating to Orange County, Fla., tourist development tax refunding revenue bonds, series 2005, are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated AMBAC-insured Orange County, Fla., tourist development tax refunding revenue 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 Oct. 2, 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 are designated
