Summary: Various Rating Actions Taken On 11 Merrill Lynch Puttable FLOATs/RITES Trust Series PT-1000 Tax-Exempt Receipts; Tender Option Certificates/Bonds Dec 11
Standard & Poors, December 2011
Abstract
Standard & Poor's Ratings Services affirmed its ratings on 10 out of 11 Merrill Lynch Puttable FLOATs/RITES Trusts, series PT, puttable floating option tax-exempt receipts. The affirmations reflect an amendment to the series trust agreements for PT-4647, PT-4648, PT-4649, PT-4652, PT-4653, PT-4658, PT-4661, PT-4663, PT-4674, and PT-4680. The long-term components of the ratings are based on the respective underlying bonds. The short-term components of the ratings are based on liquidity facilities provided by Bank of America (A-1). Additionally, Standard & Poor's lowered its rating on Merrill Lynch Puttable FLOATS/RITES Trust, series PT-4684, puttable floating option tax-exempt receipts to 'AA-/A-1' from 'AA+/A-1', and removed the rating from CreditWatch with negative implications. This trust will have a similar amendment to the series...
Companies mentioned in this report are: Bay Area Toll Auth,Merrill Lynch Put FLOATs/RITES tr ser PT-1000
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
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.
Bay Area Toll Auth,Merrill Lynch Put FLOATs/RITES tr ser PT-1000
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