The Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-1748, relating to Austin, Texas (Travis and Williamson Counties) electric utility system revenue refunding bonds 2003, is rated 'AAA/A-1+'. The long-term component of the rating is based on the MBIA-insured underlying bond. The short-term component of the rating is based on a liquidity guarantee from WestLB AG, and the expiration date of the liquidity facility is Feb. 15, 2004.