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Investor Relations

Credit Ratings

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Credit Ratings for Merrill Lynch & Co., Inc. and Selected Legal Entities

The following table sets forth ML & Co.'s unsecured credit ratings as of June 2, 2008. On June 2, 2008, in conjunction with a broad ratings review of the global securities industry, Standard & Poor's Ratings Services lowered ML&Co.'s long-term rating to "A". The short-term rating was affirmed at "A-1". These ratings remain on negative outlook.

With respect to the remaining agencies, Dominion Bond Rating Service Ltd., Fitch Ratings, and Ratings & Investment Information, Inc. (Japan) affirmed their ratings following the announcement of our first quarter results on April 17, 2008. Moody's Investors Service, Inc. affirmed the short-term ratings of ML & Co. and placed the long-term ratings of ML & Co. on review for possible downgrade. Rating agencies express outlooks from time to time on these credit ratings. Rating outlooks from Fitch Ratings, Standard & Poor's Ratings Services, and Rating & Investment Information, Inc. (Japan) have not changed since October 2007 and remain negative. On April 17, 2008, the trends on all long-term ratings of ML & Co. from Dominion Bond Rating Service Ltd. were changed to negative.

Entity DBRS Fitch Moody's Rating &
Investment		 S&P
Merrill Lynch & Co., Inc.
 Long-Term
 Senior Unsecured		 AA (low) A+ A1 AA- A
 Subordinated Debt A (high) A A2 A+ A-
 Commercial Paper R-1 (middle) F1 P-1 a-1+ A-1
 Trust Preferred A (high) A A2   BBB+
 Preferred Stock A A A3   BBB+
Merrill Lynch & Co., Canada Ltd.
 Commercial
 Paper (1)

 R-1 (middle) F1 P-1   A-1
Merrill Lynch Canada Finance Company
 Long-Term
 Senior
 Unsecured (1)		 AA (low) A+ A1   A
 Commercial
 Paper (1)

 R-1 (middle) F1 P-1   A-1
Merrill Lynch Finance (Australia) Pty Limited
 Long-Term
 Senior
 Unsecured (1)		     A1   A
 Commercial
 Paper (1)

   F1 P-1   A-1  
Merrill Lynch Japan Finance Co., Limited
 Long-Term
 Senior
 Unsecured (1)		     A1 AA- A
 Commercial
 Paper (1)

     P-1 a-1+ A-1
Merrill Lynch S.A.
 Long-Term
 Senior
 Unsecured (1)

   A+ A1 AA A
Merrill Lynch Derivative Products AG
 Counterparty
 Rating(2)

   AAA Aaa   AAA
Merrill Lynch Bank USA
 Long-Term
 Senior Unsecured		 AA A+ A1   A+
 Long-Term Deposit AA AA- A1   A+
 Short-Term Rating   F1 P-1   A-1
Merrill Lynch Bank & Trust Co., FSB
 Long-Term
 Senior Unsecured		   A+ A1   A+
 Long-Term Deposit   AA- A1   A+
 Short-Term Rating   F1 P-1   A-1
Merrill Lynch Bank and Trust Co. (Cayman) Ltd. (MLBTC)
 Long-Term
 Senior Unsecured		         A
 Long-Term Deposit         A
 Short-Term Rating         A-1
Merrill Lynch International Bank Limited*
 Issuer Default Rating

   A+      
 Short-Term Rating

   F1      
 Certificate of Deposit (1)

     A1 / P-1   A / A-1
Merrill Lynch Mexico, S.A. de C.V., Casa de Bolsa
 Long-Term
 Mexican National
 Scale Issuer (2)		   AAA (mex) Aaa.mx   mxAAA
 Short-Term
 Mexican National
 Scale Issuer (2)

   F1+ (mex) MX-1   mxA-1+

Notes
(1) Guaranteed by ML&Co.
(2) The ratings and outlooks for these entities were not affected by the rating actions of June 2, 2008 or October 24, 2007.

* Merrill Lynch International Bank Limited ("MLIB") transferred its banking business and other operations to Merrill Lynch Capital Markets Bank Limited ("MLCMB") on September 30, 2006. Following the transfer of business, MLIB has ceased to engage in any regulated activity and has changed its name to MLIB (historic) Limited and MLCMB has changed its name to Merrill Lynch International Bank Limited.

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