Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to JPMorgan Securities PUTTERs&DRIVERs Trust's series 4488 puttable tax-exempt and derivative inverse tax-exempt receipts, respectively, relating to New York State Urban Development Corp.'s (New York State) series 2014A state personal income tax revenue bonds (general purpose bonds). The long-term component of the ratings on the PUTTERs&DRIVERs is based on the 'AAA' 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,
