The rating on Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-399, relating to Minnesota general obligation state various purpose and state refunding bonds, has been affirmed due to a review of the amendment memorandum and amendment to the series trust agreement and other relevant documents, from which we conclude that the amendment will not result in a reduction or withdrawal of the current rating Standard&Poor's Ratings Services has assigned to the captioned P-FLOATs. Complete ratings information is available to subscribers of RatingsDirect, Standard&Poor's Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard&Poor's public Web site at www.standardandpoors.com; under Credit Ratings in
