J.P. Morgan Securities, Inc., puttable and derivative inverse tax-exempt receipts, series 2270, relating to the state of Connecticut's special tax obligation bonds, transportation infrastructure purposes, 2007 series A are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated AMBAC-insured state of Connecticut's, special tax obligation bonds, transportation infrastructure purposes, 2007 series A. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A., scheduled to expire Oct. 23, 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
