Standard&Poor's Ratings Services affirmed its 'AA-/A-1' and 'AA-' ratings on JPMorgan Securities PUTTERs&DRIVERs Trust's series 1546 puttable tax-exempt and derivative inverse tax-exempt receipts, respectively, relating to Port Authority of New York and New Jersey's 144th series consolidated bonds. The affirmation reflects our view of an extension of the designated termination date to April 1, 2016. The long-term component of the ratings on the PUTTERs&DRIVERs is based on the 'AA-' rated underlying asset. The short-term component of the rating on the PUTTERs is based on a liquidity facility provided by JPMorgan Chase Bank N.A. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in
