Fitch Rates J.P. Morgan PUTTERs/DRIVERs Series 4474 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 4474 'AA+/F1'; Stable Outlook;

--DRIVERs, Series 4474 'AA+'; Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA+', Stable Outlook ratings assigned to the series 4474 PUTTERs and series 4474 DRIVERs are based on the ratings that Fitch has assigned to the City of Orlando, Florida Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A (rated 'AA+', Stable Outlook) that have been deposited in the series 4474 trust.

The short-term 'F1' rating assigned to the series 4474 PUTTERs is based on the liquidity facility provided by JPMorgan Chase Bank, N.A. (rated 'A+/F1', Stable Outlook). The 'F1' rating assigned to the PUTTERs will expire on June 1, 2015, 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. 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=869334

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Contacts

Fitch Ratings, Inc.
Primary Analyst
Richard Park, +1-212-908-0289
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Trudy Zibit, +1-212-908-0689
Managing Director
or
Committee Chairperson
Mario Civico, +1-212-908-0796
Senior Director
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings, Inc.
Primary Analyst
Richard Park, +1-212-908-0289
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Trudy Zibit, +1-212-908-0689
Managing Director
or
Committee Chairperson
Mario Civico, +1-212-908-0796
Senior Director
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com