Fitch Rates J.P. Morgan PUTTERs/DRIVERs, Series 5001 Trust

NEW YORK--(BUSINESS WIRE)-- 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 5001 - 'AA/F1+', Stable Outlook; DRIVERs, Series 5001 -'AA', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA', Stable Outlook ratings assigned to the series 5001 PUTTERs and series 5001 DRIVERs are based on the ratings that Fitch has assigned to Harris County Cultural Education Facilities Finance Corporation Hospital Revenue Bonds (Texas Children's Hospital) Series 2015-3 (rated 'AA', Stable Outlook) that have been deposited in the series 5001 trust.

The short-term 'F1+' rating assigned to the series 5001 PUTTERs is based on the tender option provided by J.P. Morgan Securities LLC (rated 'AA-/F1+', Stable Outlook) as tender option provider. The 'F1+' rating assigned to the PUTTERs will expire on June 18, 2016, the scheduled expiration date of the obligations of tender option provider to make payments upon optional and mandatory tender, 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 tender option provider and will be adjusted upward or downward in conjunction with the short-term rating of the tender option provider, 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

Guidelines for Rating Tender Option Bonds (pub. 10 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864040

U.S. Municipal Structured Finance Criteria (pub. 23 Feb 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862222

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=986610

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986610

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150618005825/en/

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 Relations
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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