NEW YORK (Standard&Poor's) Oct. 9, 2003--Standard&Poor's Ratings Services raised its rating on Merrill Lynch's $6.4 million floating option tax-exempt receipts series PT-1515, relating to Orlando Utilities Commission water and electric subordinated revenue bonds series 1989D, to 'AA/A-1+' from 'AA-/A-1+' following the raising of the rating on the underlying bonds. The short-term component of the rating is based on a liquidity facility provided by WestLB AG until Aug. 15, 2004. Complete ratings information is available to subscribers of RatingsDirect, Standard&Poor's Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard&Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Credit
