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Fitch Rates J.P. Morgan PUTTERs/DRIVERs, Series 4431 Trust

January 23, 2014

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 4431 'AA/F1', Stable Outlook; --DRIVERs, Series 4431A-C 'AA', Stable Outlook. KEY RATING DRIVERS The long-term 'AA', Stable Outlook ratings assigned to the series 4431 PUTTERs and series 4431A-C DRIVERs are based on the ratings that Fitch has assigned to the School District of Leon County, Florida Sales Tax Revenue Bonds, Series 2014 (rated 'AA', Stable Outlook) that have been deposited in the series 4431 trust. The short-term 'F1' rating assigned to the series 4431 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 Dec. 31, 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 '' . 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 Guidelines for Rating Tender Option Bonds Additional Disclosure Solicitation Status 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. Fitch Ratings Primary Analyst Richard Park Director +1-212-908-0289 Fitch Ratings, Inc. One State Street Plaza New York, NY 10004 or Secondary Analyst Trudy Zibit Managing Director +1-212-908-0689 or Committee Chairperson Mario Civico Senior Director +1-212-908-0796 or Media Relations: Elizabeth Fogerty , New York , +1 212-908-0526 Email: Source: Fitch Ratings

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