The short-term component of the rating on Merrill Lynch puttable floating option tax-exempt receipts series PT-504, relating to Georgia Housing and Finance Authority, has been affirmed due to the bank facility being extended to Sept. 15, 2004. The short-term component of the rating is based on the joint support of a guarantee provided by Bayerische Hypo-und Vereinsbank AG ('A-/A-2') and a guarantee provided by Merrill Lynch&Co. Inc. ('A+/A-1'). Complete ratings information is available to subscribers of RatingsDirect, Standard&Poor's Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard&Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Credit Ratings Lists. Standard
