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 2008-2423, relating to Custodial Receipts 2008-154, relating to Harris County, Ga. toll road senior lien revenue refunding bonds series 2007A. The 'AAA' ratings for the trust certificates are based jointly (assuming low correlation) on the ratings of the underlying obligor (AA-) 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 rating and...
Companies mentioned in this report are:
- Harris Cnty
- Morgan Stanley & Co Inc Tr
Action: New Rating
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