Fitch Ratings assigns the following ratings to the Puttable Tax-Exempt Receipts (PUTTERs) and Derivative Inverse Tax-Exempt Receipts (DRIVERs) and Custodial Receipts of the J.P. Morgan PUTTERs/DRIVERs Trust series listed below:

--Series 4069 PUTTERs 'AA/F1+', Stable Outlook; Series 4069A&B DRIVERs 'AA', Stable Outlook;

--Series 4072 PUTTERs 'AA-/F1+', Stable Outlook; Series 4072 DRIVERs 'AA-', Stable Outlook; Series 2012-3 Custodial Receipts 'AA-', Stable Outlook;

--Series 4073 PUTTERs 'AA-/F1+', Stable Outlook; Series 4072 DRIVERs 'AA-', Stable Outlook; Series 2012-4 Custodial Receipts - 'AA-', Stable Outlook.

The long-term 'AA', Stable Outlook ratings assigned to the series 4069 PUTTERs and 4069A&B DRIVERs are based on the rating that Fitch has assigned to the State of Louisiana General Obligation Bonds, Series 2012-A (rated 'AA', Stable Outlook) that have been deposited in the series 4069 trust.

The long-term 'AA-', Stable Outlook ratings assigned to the series 4072 and 4073 PUTTERs and DRIVERs and Series 2012-3 and 2012-4 Custodial Receipts are based on the rating that Fitch has assigned to the custodial level credit enhancement in the form of two separate letters of credit provided by JPMorgan Chase Bank, N.A. (rated 'AA-/F1+', Stable Outlook) securing the custodial receipts deposited in each trust. The long-term ratings will expire on Nov. 15, 2013 for the series 4072 PUTTERs, DRIVERs and series 2012-3 custodial receipts, and Sept. 1, 2013 for the series 4073 PUTTERs and DRIVERs and series 2012-4 custodial receipts, unless each date is extended or earlier terminated.

The short-term 'F1+' rating assigned to the series 4069 PUTTERs is based on the liquidity facility provided by JPMorgan Chase & Co. (rated 'AA-/F1+', Stable Outlook) and the short-term 'F1+' ratings assigned to the series 4072 and 4073 PUTTERs are based on the liquidity facilities provided by JPMorgan Chase Bank, N.A. The 'F1+' ratings will expire on March 14, 2013, the expiration date of the each liquidity facility supporting the PUTTERs, unless such dates are extended or earlier terminated.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Rating Criteria', April 25, 2011;

--'Guidelines for Rating Tender Option Bond Securities', May 25, 2011.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570

Guidelines for Rating Tender Option Bond Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=632790

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