Summary: Morgan Stanley & Co. Inc. Trust Series 2008-3109; Joint Criteria; Residual Certificates Oct 09

Standard & Poors, October 2009

Abstract
Standard & Poor's Ratings Services assigned its 'AAA/A-1' and 'AA-' ratings to Morgan Stanley & Co. Inc. Trust floater and residual certificates, issued under trust series 2008-3109, relating to custody receipts, series DB 2009-015, DB 2009-016, DB 2009-017, DB 2009-018, relating to South Dakota Health and Educational Facilities Authority's revenue bonds series 2007 and 2009 (Sanford Health) term Bonds. The asset for the trust is a custody receipt holding an 'AA-' rated underlying bond and the credit enhancement. The 'AAA' rating for the floater certificates is based on the joint support (assuming low correlation) of the credit enhancement provider, Deutsche Bank AG (A+/A-1), and the underlying obligor. The credit enhancement is in the form of a credit and liquidity swap...

Companies mentioned in this report are:
- Sanford
- 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.

- Sanford
- Morgan Stanley & Co Inc Tr

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