Summary: Merrill Lynch Puttable FLOATs/RITES Trust's Series PT-3272 Rating Lowered To 'AA-/A-1'; Tender Option Certificates/Bonds Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services lowered its rating on Merrill Lynch Puttable FLOATs/RITES Trust's FLOATs series PT-3272, relating to New Jersey's general obligation refunding bonds series N, to 'AA-/A-1' from 'AA/A-1'. This action follows Standard & Poor's Feb. 9, 2011, downgrade of the rating on the underlying bonds to ' AA-/A-1' from 'AA/A-1'. The long-term component of the rating is based on the underlying bonds (CUSIP #s: 646039LD7, 646039LH8, 646039LJ4, 646039LK1). The short-term component of the rating is based on the liquidity provided by Dexia Credit Local. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are: New Jersey,Merrill Lynch Put FLOATs/RITES tr ser PT-1000
Action: Downgraded

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.

New Jersey,Merrill Lynch Put FLOATs/RITES tr ser PT-1000

Customers who bought this item also bought

• Research Report on Chinese Securities Industry, 2009
• Indonesia Defence and Security Report Q4 2011
• Indonesia Defence and Security Report Q2 2013
• The Indonesian Defense Industry - Competitive landscape and Strategic Insights to 2016: Market Profile
• The Indonesian Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
• Indonesia Defence and Security Report Q2 2011
• Indonesia Defence and Security Report Q1 2011
• Indonesia Defence and Security Report Q3 2010
• The Indonesian Defense Sector - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2015
• Indonesia Defence and Security Report Q1 2012