Summary: Morgan Stanley & Co Inc Trust Series 2008-2442 Mar 08

Standard & Poors, March 2008

Abstract
Morgan Stanley & Co. Inc. Trust floater certificates series 2008-2442, relating to Austin, Texas (Travis and Williamson Counties) electric utility system revenue refunding bonds series 2006, are rated 'AAA/A-1+'. The long-term component of the rating is based on the 'AAA' rated underlying bond. The short-term component of the rating is based on a guarantee provided by Morgan Stanley (AA-/Watch Neg/A-1+) and a liquidity facility provided by Morgan Stanley Municipal Funding Inc. until Feb. 13, 2009. Morgan Stanley & Co. Inc. Trust residual certificates series 2008-2442, relating to Austin, Texas (Travis and Williamson Counties) electric utility system revenue refunding bonds series 2006, are rated 'AAA'. The rating is based on the 'AAA' rated underlying bond. The stable outlook on the residual certificates...

Companies mentioned in this report are:
- Austin
- 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.

- Austin
- Morgan Stanley & Co Inc Tr

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