J.P. Morgan Securities Inc.'s Puttable tax-exempt receipts, series 1407, relating to Sacramento County Sanitation Districts Financing Authority revenue bonds, series 2006, are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated, FGIC-insured Sacramento County Sanitation Districts Financing Authority revenue bonds, series 2006. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A. scheduled to expire July 19, 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
