Standard&Poor's Ratings Services assigned its 'AA/A-1' and 'AA' ratings to JPMorgan Securities PUTTERs&DRIVERs Trust's series 4038, relating to Washington Health Care Facilities Authority's revenue and refunding bonds (Catholic Health Initiatives) series 2011A. 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 Bank N.A., until Jan. 24, 2013. 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
