Standard&Poor's Ratings Services assigned its 'AA-/A-1' and 'AA-' ratings to JPMorgan Securities PUTTERs&DRIVERs Trust's series 4436Z puttable tax-exempt and derivative inverse tax-exempt receipts, respectively, relating to Port Authority of New York&New Jersey's 178th series consolidated bonds. The long-term component of the rating on the PUTTERs&DRIVERs is based on the 'AA-' rated underlying asset. 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 representations, warranties and enforcement mechanisms available to investors and
