Fitch Rates J.P. Morgan PUTTERs/DRIVERs Trust, Custodial Receipts Series 2014-1 through 2014-7

NEW YORK--()--Fitch Ratings assigns an 'F1' rating short-term rating to the following series of Custodial Receipts:

--Custodial Receipts Series 2014-1 - 'F1';

--Custodial Receipts Series 2014-2 - 'F1';

--Custodial Receipts Series 2014-3 - 'F1';

--Custodial Receipts Series 2014-4 - 'F1';

--Custodial Receipts Series 2014-5 - 'F1';

--Custodial Receipts Series 2014-6 - 'F1';

--Custodial Receipts Series 2014-7 - 'F1'.

KEY RATING DRIVERS

The 'F1' rating assigned to each series of Custodial Receipts is based on the custodial level credit enhancement in the form of 7 separate letters of credit provided by JPMorgan Chase Bank, N.A. (rated 'A+/F1'; Stable Outlook by Fitch) securing the Custodial Receipts. The ratings will expire on June 1, 2015, the stated expiration date of the letters of credit supporting the Custodial Receipts, unless such date is extended or any prior termination of the letters of credit.

RATING SENSITIVITIES

The short-term rating assigned to the Custodial Receipts reflects the short-term rating that Fitch maintains on the bank providing the letters of credit and will be adjusted upward or downward in conjunction with the short-term rating of the bank.

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

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Criteria' (Feb. 24, 2014);

--'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=736618

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=891635

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Mario Civico
Senior Director
+1-212-908-0796
or
Committee Chairperson
Joseph Staffa
Senior Director
+1-212-908-0829
or
Media Relatinos:
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Mario Civico
Senior Director
+1-212-908-0796
or
Committee Chairperson
Joseph Staffa
Senior Director
+1-212-908-0829
or
Media Relatinos:
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com