Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts, series PT-2731, relating to Philadelphia, Pa. water and wastewater revenue bonds series 2005A, are rated 'AAA/A-1'. The long-term component of the rating is based on the FSA-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 April 15, 2006. Merrill Lynch Puttable FLOATs/RITES Trust residual interest tax-exempt securities receipts series PT-2731, relating to Philadelphia, Pa. water and wastewater revenue bonds series 2005A, are rated 'AAA'. The long-term component of the rating is based on the FSA-insured underlying bond. The stable outlook reflects the outlook of the bond insurer, FSA.
