Fitch Rates J.P. Morgan PUTTERs/DRIVERs, Series 4429 Trust

NEW YORK--()--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 4429- 'AA/F1', Positive Outlook; DRIVERs, Series 4429A-D -'AA', Positive Outlook.

KEY RATING DRIVERS

The long-term 'AA+', Positive Outlook ratings assigned to the series 4429 PUTTERs and series 4429A-D DRIVERs are based on the ratings that Fitch has assigned to the New York State Urban Development Corporation State Personal Income Tax Revenue Bonds (General Purpose), Series 2013E (rated 'AA', Positive Outlook) that have been deposited in the series 4429 trust.

The short-term 'F1' rating assigned to the series 4429 PUTTERs is based on the liquidity facility provided by JPMorgan Chase & Co. (rated 'A+/F1', Stable Outlook). The 'F1' rating assigned to the PUTTERs will expire on June 30, 2014, the expiration date of the liquidity facility, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the PUTTERs reflects the short-term rating that Fitch maintains on the bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the bank, 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.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

'U.S. Municipal Structured Finance Criteria', Feb. 27, 2013;

'Guidelines for Rating Tender Option Bonds', May 9, 2013.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701570

Guidelines for Rating Tender Option Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849

Additional Disclosure

Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=812766

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Contacts

Fitch Ratings
Primary Analyst:
Richard Park, +1-212-908-0289
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Trudy Zibit, +1-212-908-0689
Managing Director
or
Committee Chairperson:
Joseph Staffa, +1-212-908-0829
Senior Director
or
Media Relations, New York:
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst:
Richard Park, +1-212-908-0289
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Trudy Zibit, +1-212-908-0689
Managing Director
or
Committee Chairperson:
Joseph Staffa, +1-212-908-0829
Senior Director
or
Media Relations, New York:
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com