The Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-732, relating to Michigan State Hospital Finance Authority variable-rate revenue bonds (Ascension Health Credit Group) series 1999B, is rated 'AAA/A-1'. The long-term component of the rating is based on the FGIC-insured underlying bond. The short-term component of the rating is based on a liquidity LOC guarantee from Svenska Handelsbanken AB, and the expiration date of the liquidity facility is Jan. 15, 2004.