J.P. Morgan Securities LLC (Muni. Deriv.) -- Moody's reviews amendment to Series Trust Agreement for J.P. Morgan Securities LLC (Munic. Deriv.) Tax-Exempt Receipts, Series 3904
New York, December 27, 2012 -- Moody's Investors Service, at the request of JP Morgan Securities LLC, has reviewed the proposed amendment dated as of December 27, 2012 (the "Amendment") to the Series Trust Agreement relating to Puttable Tax-Exempt Receipts (Putters) and Derivative Inverse Tax-Exempt Receipts (Drivers), Series 3904. The Amendment, which increases the amount of Putters and decreases the amount of Drivers, will not have an adverse effect on the credit quality of the tax-exempt receipts and therefore will not, in and of itself and as of this time, result in reduction or withdrawal of Moody's rating. Moody's does not express an opinion as to whether the amendment could have other, non credit-related effects.