Standard&Poor's Rating Services assigned its 'AA-/A-1' and 'AA-' ratings to JPMorgan Securities PUTTERs&DRIVERs Trust's series 4278, relating to North Carolina Medical Care Commission's (Intermountain Health Care) health care facilities revenue bonds (Wake Forest Baptist Obligated Group) series 2012A. 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. 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
