New York, May 29, 2013 -- Moody's downgrades to Aa1 from Aaa the long-term ratings assigned to the J.P. Morgan Securities LLC (Munic. Deriv.) Puttable Tax-Exempt Receipts and Derivative Inverse Tax-Exempt Receipts (DRIVERs), Series 3206. The long-term ratings were previously under review for downgrade.
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