NEW YORK (Standard&Poor's) Oct. 7, 2003--Standard&Poor's Ratings Services raised its rating on Merrill Lynch's $14.9 million puttable floating option tax-exempt receipts series PT-400, relating to Minnesota general obligation state various purpose and state refunding bonds to 'AAA/A-1+' from 'AAA/A-1' following the substitution of the standby bond purchase agreement provided by Merrill Lynch&Co. Inc. with a standby bond purchase agreement provided by Depfa Bank PLC on Oct. 2, 2003. The long-term component of the rating on the bonds reflects the credit quality of the insurance provider (MBIA Insurance Corp.). The short-term component of the ratings on the bonds is based on the credit quality of the liquidity provider (Depfa Bank PLC). Complete ratings information is
