Standard&Poor's Ratings Services lowered its ratings on JPMorgan Securities PUTTERs&DRIVERs Trust's series 3844, relating to Minnesota's general obligation state various purpose bonds series 2010A, to 'AA+/A-1+' and 'AA+' from 'AAA/A-1+' and 'AAA', respectively. This action follows Standard&Poor's Sept. 23, 2011, downgrade of its rating on the underlying bonds to 'AA+' from 'AAA'. The long-term component of the rating on the PUTTERs and DRIVERs is based on the rating on the underlying bonds (CUSIP #: 604129VB9). The short-term component of the rating on the PUTTERs is based on the 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
