JPMorgan Backed Ratings Awarded to JPM PD Trust Series 5120

JPMorgan Chase Bank has provided support for JPM PD Trust series 5120's structured municipal finance securities, securing new ratings from Fitch Ratings. The assigned ratings include 'AA' long-term and 'F1+' short-term ratings for the custodial receipts, PUTTERs, and DRIVERs, with a Stable Outlook.

The ratings rely on support mechanisms from JPMorgan Chase Bank that run through September 27, 2027, unless extended or terminated earlier. Fitch assigns these ratings due to the bank's direct-pay letter of credit, which backs principal and 45 days of interest at up to 15% on custodial receipts.

The PUTTERs' tender option ensures holders receive principal plus up to 45 days of interest at a maximum rate of 14.945% if remarketing proceeds fall short, with timely draws required from the tender option provider.