Merrill Lynch Puttable FLOATs/RITES trust puttable floating option tax-exempt receipts, series PT-1875, relating to Trinity River Authority, Texas' regional wastewater system revenue refunding bonds series 2003, are 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 WestLB AG, and the expiration date of the liquidity facility is May 15, 2004.