J.P. Morgan Securities, Inc., puttable tax-exempt receipts, series 1561 relating to San Francisco City and County Airport Commission, Calif.'s San Francisco International Airport, second series revenue refunding bonds, issue 32G are rated 'AAA/A-1+'. The long-term component of the rating is based on the 'AAA' rated FSA-insured San Francisco City and County Airport Commission, Calif.'s San Francisco International Airport, second series revenue refunding bonds, issue 32G. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A., scheduled to expire Nov. 13, 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
