Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-3223, relating to Los Angeles Harbor Department, Calif. refunding revenue bonds, series 2005 A and B, are 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 facility from Merrill Lynch Capital Services ('N.R.') and a liquidity guarantee from Merrill Lynch&Co. Inc. ('A-1'). The expiration date of the liquidity facility is Oct. 15, 2006. Merrill Lynch Puttable FLOATs/RITES Trust residual interest tax-exempt receipts series PT-3223, relating to Los Angeles Harbor Department, Calif. refunding revenue bonds series 2005 A and B, are rated 'AAA'. The long-term rating is based on the MBIA-insured
