The long term component of the rating on Bear Stearns Municipal Securities Trust class A certificates series 9065, relating to Austin, Texas (Travis and Williamson Counties) water and wastewater system revenue refunding bonds series 2005, is based on the 'AAA' rated, MBIA-insured underlying bonds. The short-term component of the rating is based on a liquidity facility provided by Bear Stearns Capital Markets Inc. and guaranteed by Bear Stearns Cos. Inc. until July 20, 2006. The stable outlook is based on the outlook of the bond insurance provider, MBIA.