The Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PA-1081, relating to Port of Oakland refunding revenue bonds 2002 series N, is rated 'AAA/A-1'. The long-term component of the rating is based on the MBIA-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 Oct. 15, 2003.