Fitch Rates Bank of America Merrill Lynch P-FLOATs Series MT-846

Fitch Ratings assigns ratings to the following puttable floating-option tax-exempt receipts (P-FLOATs) of the Merrill Lynch P-FLOATs Series MT Trust BOA:

--Series MT-846 P-FLOATs-'AAA/F1', long-term rating on Rating Watch Negative.

KEY RATING DRIVERS

The long-term 'AAA', Rating Watch Negative rating assigned to the MT-846 P-FLOATs is based on the rating that Fitch has assigned to the Agency-Enhanced Affordable Housing Trust Class A Floating Certificates, Series 2012-60 Tax-Exempt (rated 'AAA', Rating Watch Negative) that have been deposited in the Series MT-846 trust.

The series 2012-60 Class A floating certificates relate to a separate trust into which one custodial receipt has been deposited. The long-term 'AAA', Rating Watch Negative rating assigned to the 2012-60 Class A floating certificates is based on the rating assigned by Fitch to the credit enhancement provided by Federal Home Loan Mortgage Corporation (Freddie Mac; rated 'AAA/F1+', long-term rating on Rating Watch Negative) securing the custodial receipt deposited in the trust. As the ratings of Freddie Mac are currently linked to the U.S. sovereign rating, any rating action on the U.S. sovereign rating will directly affect the rating on the certificates. Should Fitch's view of the strength of government support for Freddie Mac be reduced or downgraded, the rating of Freddie Mac may be delinked from the U.S. sovereign rating and may result in negative pressure on the rating of the certificates.

The 'F1' short-term rating assigned to the P-FLOATs is based on a liquidity facility provided by Bank of America, National Association (rated 'A/F1', Stable Outlook). The short-term rating will expire on Dec. 15, 2014 unless such date is extended or upon any prior termination of the liquidity facility.

RATING SENSITIVITIES

The short-term rating assigned to the P-FLOATs reflects the short-term rating that Fitch maintains on the bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term rating of the underlying bond deposited in the trust. The long-term rating assigned to the P-FLOATs is exclusively tied to the creditworthiness of Freddie Mac. As the ratings of Freddie Mac are currently linked to the U.S. sovereign rating, any rating action on the U.S. sovereign rating will directly affect the rating on the certificates. Should Fitch's view of the strength of government support for Freddie Mac be reduced or downgraded, the rating of Freddie Mac may be delinked from the U.S. sovereign rating and may result in negative pressure on the rating of the certificates.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

'U.S. Municipal Structured Finance Criteria', Feb. 27, 2013;

'Guidelines for Rating Tender Option Bonds', May 9, 2013.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701570

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=815151

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