Standard&Poor's Ratings Services lowered its ratings on JPMorgan Securities PUTTERs&DRIVERs Trust's (Washington Health Care Facility Authority) series 4038 to 'AA-/A-1' and 'AA-' from 'AA/A-1' and 'AA', respectively. This action follows Standard&Poor's Oct. 16, 2012, downgrade of its rating on the underlying bonds to 'AA-' from 'AA'. The long-term component of the rating on the PUTTERs and DRIVERs is based on the rating on the underlying bonds (CUSIP #: 93978HDP7). 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 as defined in the Rule, to
