Salomon Smith Barney Reset Option Certificates II-R Trust Series 231, relating to District of Columbia certificates of participation series 2002, are rated 'AAA/A-1+'. The long-term component of the rating is based on the Ambac-insured underlying bonds. The short-term component of the rating is based on a liquidity facility provided by Citigroup Global Markets Holdings Inc. until June 3, 2004. Salomon Smith Barney Reset Option Longs II-R Trust Series 231, relating to District of Columbia certificates of participation series 2002, are rated 'AAA'. The rating is based on the Ambac-insured underlying bonds.
