Standard&Poor's Ratings Services assigned its 'AA/A-1' and 'AA' ratings to JPMorgan Securities Taxable PUTTERs&DRIVERs Trust's series 4469Z puttable tax-exempt receipts and derivative inverse tax-exempt receipts, respectively, relating to Minnesota's general fund appropriation bonds, tax-exempt series 2014A. The long-term component of the ratings on the PUTTERS and 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 a description
