The Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-1597, relating to New Jersey Education Facility Authority revenue bonds higher education capital improvement fund issue series 2002A, is rated 'AAA/A-1'. The long-term component of the rating is based on the AMBAC-insured underlying bond. The short-term component of the rating is based on a liquidity guarantee from Merrill Lynch&Co. Inc., and the expiration date of the liquidity facility is Nov. 15, 2003. The Merrill Lynch Puttable FLOATs/RITES Trust residual interest tax-exempt securities receipts series PT-1597, relating to New Jersey Education Facility Authority revenue bonds higher education capital improvement fund issue series 2002A, is rated 'AAA'. The long-term component of the rating is based on the AMBAC-insured
