Summary: Morgan Stanley & Co. Inc. Trust Series 2008-3067x Ratings Lowered To 'AA/A-1' And 'AA'; Residual Certificates; Tender Option Certificates/Bonds Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services lowered its ratings on Morgan Stanley & Co. Inc. Trust's floater and residual certificates series 2008-3067x, relating to California Educational Facilities Authority's (University of Southern California) revenue term bonds series 2009B, to 'AA/A-1' and 'AA' from 'AA+/A-1' and 'AA+', respectively. This action follows Standard & Poor's Aug. 5, 2011, downgrade of its rating on the underlying bonds to 'AA' from 'AA+'. The long-term component of the rating on the floater and residual certificates is based on the rating on the underlying bonds (CUSIP #: 130178SC1). The short-term component of the rating on the floater certificates is based on the liquidity provided by Morgan Stanley Bank N.A. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are:
- University of Southern California
- Morgan Stanley & Co Inc Tr

Action: Downgraded

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.

- University of Southern California
- Morgan Stanley & Co Inc Tr

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