Standard&Poor's Ratings Services assigned its 'AAA/A-1+' and 'AAA' ratings to J.P. Morgan Securities Inc.'s series 1421 PUTTERs and DRIVERs, respectively, relating to the state of Minnesota's GO state bonds. The long-term component of the rating is based on Minnesota's 'AAA' rated GO state bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A. scheduled to expire on Aug. 2, 2007. 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
