Summary: Morgan Stanley & Co Inc Trust Series 2006-2040 Feb 08

Standard & Poors, February 2008

Abstract
Standard & Poor's Ratings Services assigned its 'AAA/A-1+' and 'AAA' ratings to Morgan Stanley & Co. Inc. Trust floater and residual certificates, respectively, issued under trust series 2006-2040, relating to Custody Receipts Series 2008-178, relating to Golden State Tobacco Securitization Corp. enhanced tobacco settlement asset-backed bonds (California) series 2005 A. The 'AAA' ratings for the trust certificates are based jointly (assuming low correlation) on the ratings of the underlying obligor and credit enhancement in the form of a credit and liquidity swap agreement provided by Morgan Stanley Municipal Funding Inc. (NR) with a guarantee provided by Morgan Stanley (AA-/Watch Neg/A-1+). On an ongoing basis, the credit rating of the trust will be based on the higher of the joint support...

Companies mentioned in this report are:
- California
- 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.

- California
- Morgan Stanley & Co Inc Tr

Customers who bought this item also bought

• Creating the Digital Library, 2012 Edition
• Research Report on Chinese Securities Industry, 2009
• Government Investment Pools Report
• 2012 America's Neighborhoods-Zip Code 95037 for Morgan Hill, CA report
• Charter Schools - Global Outlook
• Annual Deal Report – Defense
• South Korea Infrastructure Report Q2 2012
• 2009 Top US Federal Government Information Technology Outsourcing Vendors, Black Book Survey 2009 Results
• Fund Governance: Legal Duties of Investment Company Directors.
• After the Cold War. International Institutions and State Strategies in Europe, 1989-1991