Summary: Morgan Stanley & Co. Inc. Trust Series 2006-1706 Apr 07

Standard & Poors, April 2007

Abstract
Morgan Stanley & Co. Inc. Trust floater certificates series 2006-1706, relating to Palm Beach County, Fla. airport system revenue bonds series A, are rated 'AAA/A-1'. The long-term component of the rating is based on the MBIA-insured underlying bond. The short-term component of the rating is based on a guarantee provided by Morgan Stanley and a liquidity facility provided by Morgan Stanley Municipal Funding Inc. until April 4, 2008. Morgan Stanley & Co. Inc. Trust residual certificates series 2006-1706, relating to Palm Beach County, Fla. airport system revenue bonds series A, are rated 'AAA'. The rating is based on the MBIA-insured underlying bond. The stable outlook is based on the bond insurer....

Companies mentioned in this report are:
- Palm Beach Intl Arpt
- Morgan Stanley & Co Inc Tr

Action: New Rating

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.

- Palm Beach Intl Arpt
- Morgan Stanley & Co Inc Tr

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