Summary: Morgan Stanley & Co. Inc. Trust Series 2008-2954 Ratings Placed On Watch Negative; Joint Criteria Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services placed its ratings on Morgan Stanley & Co. Inc. Trust's floater and residual certificates series 2008-2954, relating to custody receipts 2008-257, relating to Golden State Tobacco Securitization Corp.'s (The Bank of New York Mellon Trust Co. N.A.) tobacco settlement asset-backed bonds series 2007, on CreditWatch with negative implications. This action follows Standard & Poor's Oct. 28, 2011, placement of its rating on the underlying bonds on CreditWatch with negative implications. The long-term component of the rating on the floater and residual certificates is based jointly (assuming low correlation)on the rating on the underlying bonds (CUSIP#: 38122NPA4) and a guarantor from Morgan Stanley. The short-term component of the rating on the floater certificates is based on...

Companies mentioned in this report are:
- The Bank of New York Mellon Trust Co. N.A.
- 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.

- The Bank of New York Mellon Trust Co. N.A.
- Morgan Stanley & Co Inc Tr

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