Summary: Merrill Lynch Puttable FLOATs/RITES Trust Series PT-1000 California Department of Transportation; Joint Criteria Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA/A-1' rating to Merrill Lynch Puttable FLOATs/RITES Trust, series PT-3701, relating to California Infrastructure and Economic Development Bank Bay Area Toll Bridges Seismic Retrofit revenue bonds, series 2003A first-lien bonds. The 'AAA' long-term component of the rating is based jointly (assuming low correlation) on a custody receipt supported by the underlying bonds (AAA) and credit enhancement in the form of a letter of credit (LOC) agreement provided by Dexia Credit Local (A). The Dexia LOC functions as a standby facility and the custodian is instructed to notify Dexia if the underlying bonds fail to pay when due (or for any mandatory tender events under the custodial receipt documents). The custodian is further instructed...

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

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