Summary: Merrill Lynch Put FLOATs/RITES tr Ser PA, NY Nov 03

Standard & Poors, November 2003

Abstract
The short-term component of the rating on Merrill Lynch puttable floating option tax-exempt receipts series PA-571, relating to Connecticut, has been affirmed due to the bank facility being extended to Aug. 15, 2004. The short-term component of the rating is based on the credit quality of Merrill Lynch & Co. Inc. Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Credit Ratings Actions....

Companies mentioned in this report are:
- Merrill Lynch Put FLOATs/RITES tr Ser PA
- Connecticut

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Merrill Lynch Put FLOATs/RITES tr Ser PA
- Connecticut

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