Fitch Ratings assigns a rating of 'F1+' to the Puttable Taxable Notes, Series T0023 (Taxable PUTTERs) of the J.P. Morgan Taxable PUTTERs/Taxable DRIVERs, Series T0023 Trust.

KEY RATING DRIVERS

The 'F1+' short-term rating assigned to the Taxable PUTTERs is based on the liquidity facility provided by J.P. Morgan Securities LLC (rated 'AA-/F1+', Stable Outlook) which expires on the earlier of Jan. 19, 2017, unless such date is extended, or any prior termination of the liquidity facility.

RATING SENSITIVITIES

The short-term rating assigned to the Taxable 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.

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=998170

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=998170

Endorsement Policy

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

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