Standard&Poor's Rating Services assigned its 'AAA/A-1' and 'AAA' ratings to JPMorgan Securities PUTTERs&DRIVERs Trust's series 4506Z puttable tax-exempt receipts and derivative inverse tax-exempt receipts, respectively, relating to New York State Urban Development Corp.'s series 2014A revenue bonds. The long-term component of the rating on the PUTTERs and DRIVERs is based on the 'AAA' rated underlying asset. 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 include a description of the representations, warranties and enforcement mechanisms available to investors and a
