EXHIBIT 99.5.2
Moody's Investors Service
99 Church Street
New York, NY 10007
www.moodys.com
September 5, 2000
MBIA Insurance Corporation
113 King Street
Armonk, New York 10504
RE: Empire State Municipal Exempt
Trust, Guaranteed Series 154
To Whom It May Concern:
Moody's Investors Service has assigned the rating of Aaa (MBIA Insurance Corp.)
to each of the bonds insured by MBIA Insurance Corporation, comprising Empire
State Municipal Exempt Trust, Guaranteed Series 154. The rating is based upon an
insurance policy provided by MBIA Insurance Corporation. The rating applies to
each bond only while it is held in such trust.
Please send us a final Prospectus when available. Should you have any questions
regarding the above, please do not hesitate to contact the assigned analyst,
Margaret Kessler, at (212) 553-7884.
Sincerely yours,
Laura Levenstein
Vice President and Managing
Director
LL:vs
