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Summary: Merrill Lynch Puttable FLOATs/RITES Trust Series PT-1000 Sacramento Redevelopment Agency, California; Joint Criteria Sep 11
Standard & Poors, September 2011
Standard & Poor's Ratings Services affirmed its 'AAA/A-1 rating of Merrill Lynch Puttable FLOATs/RITEs Trust series PT-1000's puttable floating option tax-exempt receipt series PT-4698, relating to custody receipts series' BOA-229, BOA-237, and BOA-245, which themselves relate to Sacramento City Financing Authority's 2006 refunding revenue bonds, series E (Master Lease Program Facilities). The affirmation reflects the deposit of additional bonds into the trust. We base the ratings 'AAA' jointly (assuming low correlation) on the unenhanced ratings of the underlying bonds (A/Stable) and credit enhancements in the form of credit and liquidity swap agreements provided by Bank of America N.A. (BOA; A+/Negative/A-1). The BOA swap functions as a standby facility supporting the custodial receipts, and the custodian is instructed to notify BOA...
Companies mentioned in this report are: Sacramento Redev Agy,Sacramento City Fincg Auth,Merrill Lynch Put FLOATs/RITES tr ser PT-1000
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Sacramento Redev Agy,Sacramento City Fincg Auth,Merrill Lynch Put FLOATs/RITES tr ser PT-1000