OREANDA-NEWS. Fitch Ratings assigns the following ratings to the Puttable Tax-Exempt Receipts (PUTTERs), Derivative Inverse Tax-Exempt Receipts (DRIVERs) and Custodial Receipts of the J.P. Morgan PUTTERs/DRIVERs Trust series listed below:

--PUTTERs, Series 5004 'AA-/F1+', Stable Outlook; DRIVERs, Series 5004 'AA-', Stable Outlook; Custodial Receipts, Series 5004 'AA-', Stable Outlook;
--PUTTERs, Series 5005 'AA-/F1+', Stable Outlook; DRIVERs, Series 5005 'AA-', Stable Outlook; Custodial Receipts, Series 5005 'AA-', Stable Outlook.

KEY RATING DRIVERS

The 'AA-' ratings assigned to the PUTTERs and DRIVERs are based on the rating that Fitch has assigned to the irrevocable direct-pay letters of credit (LOCs) issued by JPMorgan Chase Bank, N.A. (JPM; rated 'AA-/F1+' by Fitch) securing the custodial receipts deposited in the trusts. The stated expiration date of the LOCs supporting Custodial Receipts is Jan. 12, 2017, unless such date is extended or earlier terminated. The stated expiration date of the tender option provided by JPM as tender option provider for both series of PUTTERs is Jan. 12, 2017, unless such date is extended or earlier terminated.

The LOCs support the payment of principal and interest on the custodial receipts deposited in the trusts in addition to payments due upon a mandatory tender event under the custody agreements. In the event that JPM has not honored the draw on the LOCs in full accordance with its terms, the principal and interest amount payable on the underlying bonds held by the custodian amount shall be paid to the holder of the custodial receipts.

The liquidity facilities provide for the payment of the principal component of purchase price plus an amount equal to 45 days of interest calculated at a maximum rate of 12%, based on a year of 360 days for tendered bonds in the event that the proceeds of a remarketing of the bonds are insufficient to pay the purchase price following an optional or mandatory tender under the standard terms and provisions of trust agreement. The trustee is obligated to make timely draws on the liquidity facilities to pay purchase price in the event of insufficient remarketing proceeds, and in connection with the expiration or termination of the tender option, except in the case of the tender option termination events permitting immediate termination of the tender option.

RATING SENSITIVITIES
The rating is exclusively tied to the long- and short-term rating that Fitch maintains on the bank providing the LOC and tender option and will reflect all changes to that rating.