The 'AA+/A-1' rating on Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-439, relating to Austin, Texas public improvement bonds series 1998, has been affirmed due to an amendment to the trust documents from which Standard&Poor's Ratings Services concludes that the amendment will not result in a reduction or withdrawal of the current rating. The long-term component of the rating is based on the underlying bonds, and the short-term component of the rating is based on a bank facility provided by Merrill Lynch&Co. Inc. The expiration date of the bank facility is April 15, 2006.
