Standard&Poor's Ratings Services affirmed its 'AAA/A-1' and 'AAA' ratings on JPMorgan Securities PUTTERs&DRIVERs Trust's series 3281Z puttable tax-exempt and derivative inverse tax-exempt receipts, respectively, relating to New York State Dormitory Authority's (New York State) series 2008B state personal income tax revenue bonds. This affirmation reflects a re-leverage of bonds within the trust, which, in our view, will not adversely impact the ratings. The long-term component of the ratings on the PUTTERs&DRIVERs is based on the 'AAA' rated underlying asset. The short-term component of the rating on the PUTTERs is based on the rating on the liquidity facility provider, JPMorgan Chase Bank N.A. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit
