Standard&Poor's Ratings Services affirmed its 'AAA/A-1' and 'AAA' ratings on JPMorgan Securities PUTTERs&DRIVERs Trust's series 4506Z 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 (general purpose) revenue bonds. The affirmation reflects our view of a releveraging of the trust. 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
