Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to J.P. Morgan Securities Inc.'s series 1220 PUTTERs and DRIVERs, respectively, relating to the City of Tacoma, Wash.'s limited-tax GO bonds, series 2004. The long-term component of the rating is based on the 'AAA' rated, MBIA-insured City of Tacoma's 2004 limited-tax GO bonds. The short-term component of the rating is based on a liquidity facility provided by PB Capital Corporation (NR) with a guarantee provided by Deutsche Postbank AG (A/Watch Neg/A-1) scheduled to expire on Dec. 21, 2006. 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
