J.P. Morgan Securities, Inc., puttable tax-exempt receipts, series 2332, relating to the Arizona Transportation Board's transportation excise tax revenue bonds (Maricopa County regional area road fund), series 2007 are rated 'AA+/A-1+'. The long-term component of the rating is based on the 'AA+' rated Arizona Transportation Board's transportation excise tax revenue bonds (Maricopa County regional area road fund), series 2007. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A., scheduled to expire Nov. 27, 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
