Summary: Pennsylvania Sep 05

Standard & Poors, September 2005

Abstract
The rating on Morgan Stanley & Co. Inc. Trust floater certificates series 2001-604, relating to Pennsylvania GO bonds second series 2000, has been raised to 'AAA/A-1' from 'AA/A-1'. This action follows Standard & Poor's Ratings Services upgrade of the underlying bonds to 'AAA' from 'AA'. The long-term component of the rating is based on the underlying bonds, and the short-term component of the rating is based on a bank facility provided by Morgan Stanley. The expiration date of the bank facility is March 24, 2006. The rating on Morgan Stanley & Co. Inc. Trust residual certificates series 2001-604, relating to Pennsylvania GO bonds second series 2000, has been raised to 'AAA' from 'AA'. This action follows Standard & Poor's Ratings...

Companies mentioned in this report are:
- Pennsylvania
- Morgan Stanley & Co Inc Tr

Action: Upgraded

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.

- Pennsylvania
- Morgan Stanley & Co Inc Tr

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