J.P. Morgan Securities, Inc., puttable tax-exempt receipts, series 2402 relating to the District of Columbia's (Washington, D.C.), GO bonds, series 2007C are rated 'AAA/A-1+'. The long-term component of the rating is based on the 'AAA' rated FSA-insured District of Columbia's (Washington, D.C.), GO bonds, series 2007C. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A., scheduled to expire Dec. 18, 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 "restricted PUTTERs" pursuant to section 2.8 of the "standard term
