Fitch Rates J.P. Morgan PUTTERs/DRIVERs, Series 5003 Trust
OREANDA-NEWS. Fitch Ratings assigns the following ratings to the Puttable Tax-Exempt Receipts (PUTTERs) and Derivative Inverse Tax-Exempt Receipts (DRIVERs) of the J.P. Morgan PUTTERs/DRIVERs Trust series listed below:
--PUTTERs, Series 5003 - 'AA/F1+', Stable Outlook; DRIVERs, Series 5003 - 'AA', Stable Outlook.
KEY RATING DRIVERS
The long-term 'AA', Stable Outlook ratings assigned to the series 5003 PUTTERs and series 5003 DRIVERs are based on the ratings that Fitch has assigned to State of Connecticut General Obligation Refunding Bonds (2015 Series D) (rated 'AA', Stable Outlook) that have been deposited in the series 5003 trust.
The short-term 'F1+' rating assigned to the series 5003 PUTTERs is based on the tender option provided by J.P. Morgan Securities LLC (rated 'AA-/F1+', Stable Outlook) as tender option provider which has a stated expiration date of Dec. 8, 2016, unless such date is extended or earlier terminated.
The short-term rating assigned to the PUTTERs reflects the short-term rating that Fitch maintains on the tender option provider and will be adjusted upward or downward in conjunction with the short-term rating of the tender option provider, and, in some cases, the long-term rating of the underlying bonds deposited in the trust. The long-term ratings assigned to the PUTTERs and DRIVERs are exclusively tied to the creditworthiness of the underlying bonds deposited in the trust and will reflect all changes to that rating.