Summary: Ratings On 56 Morgan Stanley & Co. Inc. Trust Issues Affirmed; Joint Criteria; Tender Option Certificates/Bonds Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services affirmed its ratings on Morgan Stanley & Co. Inc. Trust's floater certificates due to the extension of the expiration dates for the associated liquidity facilities provided by Morgan Stanley Bank N.A. 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 a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. There is no Standard & Poor's 17g-7 Disclosure Report included in this credit rating report because, in our view, there are no representations, warranties and enforcement mechanisms available...

Companies mentioned in this report are:
- Vassar Coll
- Morgan Stanley & Co Inc Tr

Action: Affirmed

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.

- Vassar Coll
- Morgan Stanley & Co Inc Tr

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