J.P. Morgan Securities, Inc., puttable tax-exempt receipts, series 2483Z relating to Michigan State Housing Development Authority's, rental housing revenue bonds, offered fixed rate bonds, 2007 series B are rated 'AAA/A-1+'. The long-term component of the rating is based on the 'AAA' rated FSA-insured Michigan State Housing Development Authority's rental housing revenue bonds, offered fixed rate bonds, 2007 series B. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A., scheduled to expire Jan. 29, 2009. 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
