J.P. Morgan Securities PUTTERs&DRIVERs Trust Series 507, relating to Leander Independent School District (Williamson and Travis County, Texas) unlimited tax school building and refunding bonds series 2004, are rated 'AAA/A-1+'. The long-term component of the rating is based on the state enhanced underlying bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank scheduled to expire on Sept. 15, 2005. The receipt holders' ability to receive the purchase price from the liquidity provider may terminate without notice under certain conditions set forth in the documents. The short-term portion of the rating does not apply to any receipts that are designated "restricted PUTTERs" pursuant to section 2.8 of the "standard term
