The Merrill Lynch Puttable FLOATs/RITES Trust Puttable floating option tax-exempt receipts series PA-1053, relating to Port of Oakland revenue bonds 2002 series L, is rated 'AAA/A-1+'. 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 1, 2026.