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Summary: California Jun 04 Product Image

Summary: California Jun 04

  • ID: 2085701
  • June 2004
  • Region: California
  • Standard & Poors

Abstract
Merrill Lynch Puttable FLOATs/RITES Trust puttable floating option tax-exempt receipts series PT-2266, relating to California general obligation bonds, are rated 'AAA/A-1+'. The long-term component of the rating is based on the Ambac-insured underlying bond. The short-term component of the rating is based on a liquidity guarantee from Dexia Credit Local, and the expiration date of the liquidity facility is June 15, 2005. Merrill Lynch Puttable FLOATs/RITES Trust residual interest tax-exempt securities receipts series PT-2266, relating to California general obligation bonds, are rated 'AAA'. The long-term component of the rating is based on the Ambac-insured underlying bond....

Companies mentioned in this report are:
- California
- Merrill Lynch Put FLOATs/RITES tr ser PT-1000

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.

- California
- Merrill Lynch Put FLOATs/RITES tr ser PT-1000

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