Fitch Corrects Ratings on Tender-Option Bond

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NEW YORK--(BUSINESS WIRE)-- The long-term ratings for the below-referenced tender-option bond did not receive a downgrade on May 6, 2010 to 'A+' from 'AA-'. In addition the short-term ratings for the tender-option bond were not placed on Rating Watch Negative on Oct. 22, 2010. The correct rating of 'A+/F1+' is now reflected on Fitch's web site. The Rating Watch is Negative.

--Merrill Lynch, Pierce, Fenner & Smith, Inc. (NY) puttable floating option tax-exempts receipts series PT-977 (gtd: Bank of America, N.A.) (liquidity facility: Merrill Lynch & Co., Inc.).

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research

--'U.S. Municipal Structured Finance Rating Criteria', dated April 25, 2011;

--'Guidelines for Rating Tender Option Bond Securities', dated May 25, 2011.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129

Guidelines for Rating Tender Option Bond Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=632790

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch RatingsPrimary AnalystMary Jane Ziga, +1-212-908-0529Senior DirectorFitch, Inc.One State Street PlazaNew York, NY 10004orSecondary AnalystRichard Park, +1-212-908-0289Associate DirectororMedia Relations:Sandro Scenga, +1-212-908-0278Email: [email protected]

Source: Fitch Ratings

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