Standard&Poor's Ratings Services assigned its 'AA+/A-1' and 'AA+' ratings to JPMorgan Securities PUTTERs&DRIVERs Trust's series 3982, relating to Minnesota's general obligation state trunk highway bonds series 2011B. The long-term component of the rating on the PUTTERs and DRIVERs is based on the rating on the underlying asset (AA+). The short-term component of the rating on the PUTTERs is based on the rating on JPMorgan Chase&Co., until Oct. 18, 2012. 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 representations, warranties and enforcement mechanisms available to investors and a description of how they differ from
