J.P. Morgan Securities LLC (Muni. Deriv.) -- Moody's reviews amendment for J.P. Morgan Securities LLC Trust, Series 3765

New York, January 16, 2014 -- Moody's Investors Service, at the request of JP Morgan Securities LLC, has reviewed the proposed amendment dated as of January 16, 2014 (the Amendment) to the Series Trust Agreement relating to Puttable Tax-Exempt Receipts (Putters), Series 3765. The Amendment, which provides for the deposit of additional bonds into the trust, 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.

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