Standard&Poor's Ratings Services raised its rating on Merrill Lynch Puttable FLOATs/RITES puttable float option tax-exempt receipts series PT-439, relating to Austin, Texas public improvement bonds series 98, to 'AAA/A-1' from 'AA+/A-1'. This action follows Standard&Poor's upgrade of the underlying bonds to 'AAA'. The long-term component of the rating is based on the underlying bonds, and the short-term component of the rating is based on a liquidity facility provided by Merrill Lynch&Co. The expiration date of the liquidity facility is March 1, 2008. The stable outlook is based on the outlook of the obligor.
