Summary: Morgan Stanley & Co. Inc. Trust Series 2008-3200; Residual Certificates; Tender Option Certificates/Bonds Dec 11

Standard & Poors, December 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 2008-3200, respectively, relating to Minneapolis-St. Paul Metropolitan Airports' commission senior airport revenue bonds series 2010A (non-amt) term bonds. 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 is based on the rating on Morgan Stanley Bank N.A., until June 15, 2012. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and...

Companies mentioned in this report are:
- Minneapolis St Paul Metro Arpts Comm
- 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.

- Minneapolis St Paul Metro Arpts Comm
- Morgan Stanley & Co Inc Tr

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