Summary: Morgan Stanley & Co. Inc. Trust Series 2004-1076; Residual Certificates Jan 11

Standard & Poors, January 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AA/A-1' and 'AA' ratings on Morgan Stanley & Co. Inc. Trust's floater certificates series 2004-1076, relating to Salt River Project Agricultural Improvement and Power District, Ariz.'s Salt River Project electric system revenue bonds series 2002B. This action follows an amendment to the designated termination date. The long-term component of the rating is based on the underlying bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase & Co. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are:
- Salt River Proj Agri Imp & Pwr Dist
- Morgan Stanley & Co Inc Tr

Action: Affirmed

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.

- Salt River Proj Agri Imp & Pwr Dist
- Morgan Stanley & Co Inc Tr

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