J.P. Morgan Securities PUTTERs&DRIVERs Trust Series 839Z, relating to Port Of Oakland, Calif. revenue bonds, 2002 series L (AMT), are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating and the long-term rating are based on the FGIC-insured underlying bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A. scheduled to expire on April 6, 2007. 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 and
