Summary: Morgan Stanley & Co. Inc. Trust Floater Certificates Series 2004-1272 Aug 07

Standard & Poors, August 2007

Abstract
Standard & Poor's Ratings Services lowered its rating on Morgan Stanley & Co. Inc. Trust's floater certificates, series 2004-1272, relating to the Charlotte-Mecklenburg Hospital Authority, New York's health care revenue bonds, series 2005 to 'AA-/A-1+' from 'AA/A-1'. This action follows Standard and Poor's July 26, 2007, downgrade of the underlying bonds to 'AA-' from 'AA', and, Standard and Poor's July 30, 2007, upgrade of Morgan Stanley to 'AA-/A-1+' from 'A+/A-1'. The long-term component of the rating is based on the underlying bond. The short-term component of the rating is based on Morgan Stanley. Standard & Poor's Ratings Services lowered its rating on Morgan Stanley & Co. Inc. Trust's residual certificates, series 2004-1272, relating to the Charlotte-Mecklenburg Hospital Authority, New York's...

Companies mentioned in this report are:
- Charlotte-Mecklenburg Hosp Auth
- Morgan Stanley & Co Inc Tr

Action: Downgraded

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.

- Charlotte-Mecklenburg Hosp Auth
- Morgan Stanley & Co Inc Tr

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