Summary: Morgan Stanley & Co. Inc. Trust Series 2008-3261; Residual Certificates; Tender Option Certificates/Bonds Apr 11

Standard & Poors, April 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA+/A-1' and 'AA+' ratings to Morgan Stanley & Co. Inc. Trust's floater and residual certificates series 2008-3261, respectively, relating to San Diego Community College District, Calif.'s (San Diego County) general obligation term bonds, Election of 2002, series 2005. The long-term component of the rating is based on the Assured Guaranty Municipal Corp.-insured underlying bonds (AA+). The short-term component of the rating is based on Morgan Stanley Bank N.A. until March 15, 2012. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are:
- San Diego Comnty Coll Dist
- 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.

- San Diego Comnty Coll Dist
- Morgan Stanley & Co Inc Tr

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