The Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-1765, relating to Massachusetts Health and Education Facilities Authority revenue bonds (Massachusetts Institute of Technology issue) series K, is rated 'AAA/A-1+'. The long-term component of the rating is based on the FSA-insured underlying bond. The short-term component of the rating is based on a liquidity guarantee from WestLB AG, and the expiration date of the liquidity facility is March 15, 2004.