Summary: Morgan Stanley & Co. Inc. Trust Series 2008-3206; Joint Criteria Aug 10

Standard & Poors, August 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Morgan Stanley & Co. Inc. Trust's floater and residual certificates series 2008-3206, respectively, relating to custodial receipts series 2008-281, 2008-282, and 2008-283, relating to California Housing Finance Agency's home mortgage revenue bonds series 2006M and 2007E. Standard & Poor's has reviewed an amendment, dated Oct. 30, 2008, amending the series trust agreement for each series of receipts identified in such amendment, and the master terms of trust agreement attached to each such series' trust agreement for the Morgan Stanley & Co. Inc. floater certificates and residual certificates. We have concluded that the amendment will not result in a lowering or withdrawal of the current ratings on the outstanding...

Companies mentioned in this report are:
- California Hsg Fin Agy
- Morgan Stanley & Co Inc Tr

Action: New Rating

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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 Hsg Fin Agy
- Morgan Stanley & Co Inc Tr

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