OREANDA-NEWS. Fitch Ratings assign an 'F1+/F1+' rating to the series 5006 Puttable Tax-Exempt Receipts (PUTTERs) and an 'F1+' rating to the Derivative Inverse Tax-Exempt Receipts (DRIVERs) and Custodial Receipts of the J.P. Morgan PUTTERs/DRIVERs Series 5006 Trust.

KEY RATING DRIVERS

The 'F1+/F1+' ratings assigned to the PUTTERs are based on the rating that Fitch has assigned to the irrevocable direct-pay letter of credit (LOC) issued by JPMorgan Chase Bank, N.A. (JPM; rated 'AA-/F1+') securing the custodial receipts deposited in the trust and the tender option provided by JPM for of PUTTERs. The 'F1+' rating assigned to the DRIVERs and Custodial Receipts is based solely on the rating assigned by Fitch to the LOC issued by JPM. The stated expiration date of the LOC supporting Custodial Receipts is Oct. 15, 2016, unless such date is extended or earlier terminated. The stated expiration date of the tender option provided by JPM as tender option provider for the series 5006 PUTTERs is Oct. 15, 2016, unless such date is extended or earlier terminated.

The LOC supports the payment of principal and interest on the custodial receipts deposited in the trust in addition to payments due upon a mandatory tender event under the custody agreement. In the event that JPM has not honored the draw on the LOC 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 facility provides for the payment of the principal component of purchase price plus an amount equal to 262 days of interest calculated at a maximum rate of 0.335%, 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 facility to pay purchase price in the event of insufficient remarketing proceeds, and in connection with the expiration or termination of the standby purchase agreement (SBPA), except in the case of the tender option termination events permitting immediate termination of the tender option.

RATING SENSITIVITIES
The ratings are exclusively tied to the short-term rating that Fitch maintains on the bank providing the LOC and liquidity facility and will reflect all changes to that rating.