Standard&Poor's Ratings Services has affirmed its 'AAA/A-1' and 'AAA' ratings on JPMorgan Securities PUTTERs&DRIVERs Trust's series 3541Z, relating to New York State Urban Development Corp.'s state personal income tax revenue bonds (state facilities and equipment) series 2004A-1. The affirmation reflects an amendment to the series trust agreement's modification of the designated termination date. The long-term component of the rating on the PUTTERs&DRIVERs is based on the rating on the 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 the
