NEW YORK (Standard&Poor's) June 9, 2014--Standard&Poor's Ratings Services lowered its long-term rating component and long-term rating on Merrill Lynch Puttable FLOATs/RITES Trust's series PT-3962 puttable floating-option tax-exempt receipts and residual-interest tax-exempt securities receipts related to Indianapolis Local Public Improvement Bond Bank's series 2007B ( Indianapolis waterworks projects) (non-AMT) bonds two notches to 'AA-/A-2' and 'AA-', respectively, from 'AA+/A-2' and 'AA+'. This action follows Standard&Poor's withdrawal of its underlying rating (SPUR) on the underlying bonds on May 23, 2014. (For further information, please see the article, titled "Indianapolis Local Public Improvement Bond Bank Waterworks-Backed Rating Withdrawn," published May 23, 2014, on RatingsDirect.) The long-term component of the rating and long-term rating on the floaters and
