Summary: Ratings On Six Morgan Stanley & Co. Inc. Trust Issues Lowered To ?AA-/A-1? And ?AA-?; Off Watch Negative; Residual Certificates; Tender Option Certificates/Bonds Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services lowered its ratings on six Morgan Stanley & Co. Inc. Trust issues to 'AA-/A-1' and 'AA-' from 'AA+/A-1' and 'AA+', respectively, and removed them from CreditWatch with negative implications. The liquidity facilities supporting each of the series have been extended. These actions follow Standard & Poor's Nov. 30, 2011, downgrade of its rating on Assured Guaranty Municipal Corp. to 'AA-' from 'AA+', and removal from CreditWatch with negative implications (please see "Assured Guaranty Ltd. And Operating Companies Downgraded; Outlook Stable," published Nov. 30, 2011, on RatingsDirect on the Global Credit Portal). 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...

Companies mentioned in this report are:
- Massachusetts Hsg Fin Agy
- 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.

- Massachusetts Hsg Fin Agy
- Morgan Stanley & Co Inc Tr

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