Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-2688, relating to Port of Oakland, Calif. revenue bonds, 2000 series K, are 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 April 15, 2006. Merrill Lynch Puttable FLOATs/RITES Trust residual interest tax-exempt securities receipts series PT-2688, relating to Port of Oakland, Calif. revenue bonds, 2000 series K, are rated 'AAA'. The long-term component of the rating is based on the FGIC-insured underlying bond. The stable outlook reflects the outlook of the bond insurer.
