Standard&Poor's Ratings Services affirmed its 'AA+/A-1' and 'AA+' ratings on JPMorgan Securities PUTTERs&DRIVERs Trust's series 3950 puttable tax-exempt and derivative inverse tax-exempt receipts, respectively, relating to Pennsylvania Housing Finance Agency's series 2011-113 single-family mortgage revenue bonds. This affirmation reflects the deposit of additional bonds into the trust. The long-term component of the rating on the PUTTERs&DRIVERs is based on the 'AA+' rated underlying assets. 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 Rule, to include a description of the
