Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-3657, relating to Arizona Transportation Board highway revenue bonds series 2006, are rated 'AAA/A-1'. The long-term component of the rating is based on the underlying bond. The short-term component of the rating is based on a liquidity facility from Merrill Lynch Capital Services (NR) and a liquidity guarantee from Merrill Lynch&Co. Inc. (A-1). The expiration date of the liquidity facility is Oct. 15, 2007. Merrill Lynch Puttable FLOATs/RITES Trust residual interest tax-exempt receipts series PT-3657, relating to Arizona Transportation Board highway revenue bonds series 2006, are rated 'AAA'. The long-term rating is based on the underlying bond.
