Summary: Merrill Lynch Puttable FLOATs/RITES Trust's Series PT-3272 Rating Lowered To 'AA-/A-1'; Tender Option Certificates/Bonds Mar 11
- ID: 2197879
- March 2011
- Standard & Poors
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
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