The Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-1778, relating to Washington State Housing Finance Commission multifamily housing revenue bonds (Quail Run Apartments project) series 2002A, is rated 'A+/A-1'. The long-term component of the rating is based on the credit enhancement guarantee from Merrill Lynch&Co. Inc. 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 March 15, 2004.