Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-3433, relating to Tennessee Housing Development Agency homeownership program bonds, issue 2006-1, are rated 'AA/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 facility from Merrill Lynch Capital Services ('NR') and a liquidity guarantee from Merrill Lynch&Co. Inc. ('A-1'). The expiration date of the liquidity facility is April 15, 2007. Merrill Lynch Puttable FLOATs/RITES Trust residual interest tax-exempt receipts series PT-3433, relating to Tennessee Housing Development Agency homeownership program bonds, issue 2006-1, are rated 'AA'. The long-term rating is based on the underlying bond.
