Summary: Morgan Stanley & Co. Inc. Trust Series 2008-3269; Residual Certificates; Tender Option Certificates/Bonds Jul 11

Standard & Poors, July 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, respectively, series 2008-3269, relating to San Marcos Unified School District's (San Diego County, Calif.) general obligation current interest bonds election series 2010A. The long-term component of the rating on the floater and residual certificates is based on the rating on the underlying bonds (AA-). The short-term component of the rating on the floater certificates is based on Morgan Stanley Bank N.A., until June 15, 2012. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are:
- San Marcos Unif Sch Dist
- 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.

- San Marcos Unif Sch Dist
- Morgan Stanley & Co Inc Tr

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