Summary: Merrill Lynch Puttable FLOATs/RITES Trust Series PT-2350 Ratings Lowered To 'AA+/A-1' And 'AA+'; Off Watch Negative; Residual Certificates; Tender Option Certificates/Bonds Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services lowered its ratings on Merrill Lynch Puttable FLOATs/RITES Trust's series PT-2350, relating to Harris County Health Facilities Development Corp.'s SCH Health Care System revenue bonds series 1997B, to 'AA+/A-1' and 'AA+' from 'AAA/A-1' and 'AAA', respectively, and removed them from CreditWatch with negative implications. This action follows Standard & Poor's Aug. 8, 2011, downgrade and removal of its rating on the underlying bonds from CreditWatch with negative implications. The long-term component of the rating on the FLOATs and RITES is based on the rating on the underlying bonds (CUSIP #: 41315RAZ7). The short-term component of the rating on the FLOATs is based on the liquidity facility provided by Dexia Credit Local. USPF Criteria: Secondary Market...

Companies mentioned in this report are: CHRISTUS Hlth,Merrill Lynch Put FLOATs/RITES tr ser PT-1000
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.

CHRISTUS Hlth,Merrill Lynch Put FLOATs/RITES tr ser PT-1000

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