NEW YORK (Standard&Poor's) Dec. 26, 2013--Standard&Poor's Ratings Services has lowered its ratings on Merrill Lynch Puttable FLOATs/RITES Trust's series PT-3390 puttable floating option tax-exempt receipts (FLOATs) and residual interest tax-exempt securities receipts (RITES), relating to The Indianapolis Local Public Improvement Bond Bank's (Indianapolis) series 1992B bonds, to 'A/A-2' and 'A', respectively, from 'AA/A-2' and 'AA', respectively. This action follows Standard&Poor's Dec. 16, 2013, lowering of its rating on the underlying bonds by three notches to 'A' from 'AA'. (See, "Indianapolis GO Bond Rating Lowered To 'AA' Based On New Local GO Criteria", published Dec. 17, 2013, on RatingsDirect.) The long-term component of the ratings on the FLOATs and RITES is based on the rating
