The rating on Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-417, relating to Philadelphia Authority for Industrial Development airport revenue bonds series 1998A, has been affirmed at 'AAA/A-1' due to the extension of the maturity date to April 30, 2004. The long-term component of the rating is based on the FGIC-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 May 15, 2004. 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
