Standard&Poor's Ratings Services assigned its 'AA-/A-1' rating to Merrill Lynch Puttable FLOATs/RITES Trust, puttable floating option tax-exempt receipts, series MT-783, relating to the Port Authority of New York&New Jersey's consolidated bonds, 146th series, subseries A-2. The long-term component of the rating is based on the Assured Guaranty Municipal Corp. insured 'AA-' rated, underlying bond. The short-term component of the rating is based on the liquidity facility provided by Bank of America. Immediately upon the occurrence of any tender option termination event (TOTE), the liquidity agreement shall terminate without prior notice to the floater certificate holder. The following events constitute TOTEs: Act of bankruptcy by the issuer of the underlying bonds and act of bankruptcy of the
