Summary: Morgan Stanley & Co. Inc. Trust's Series 2008-3206 And 2008-3206A Ratings Placed On Watch Negative; Joint Criteria Feb 11

Standard & Poors, February 2011

Abstract
Standard & Poor's Ratings Services placed its 'AAA/A-1' and 'AAA' ratings on Morgan Stanley & Co. Inc. Trust's floating certificates series 2008-3206 and residual certificates series 2008-3206A, respectively, relating to custodial receipts 2008-281, 2008-282, and 2008-283, relating to California Housing Finance Agency's home mortgage revenue bonds series 2007E and 2006M, on CreditWatch with negative implications. This action follows Standard & Poor's Feb. 8, 2011, placement of the underlying bonds on CreditWatch with negative implications. The long-term component of the rating is based jointly assuming low correlation) on the underlying bonds' obligor (CUSIP#: 13034PDB0, BM8, DC8) and the guarantee provided by Morgan Stanley Bank N.A. The short-term component of the rating is based on the liquidity facility provided by Morgan Stanley...

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

Action: On CreditWatch:Negative

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.

- California Hsg Fin Agy
- Morgan Stanley & Co Inc Tr

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