Morgan Stanley&Co. Inc. Trust's floater certificates, series 2004-1273, relating to City of Atlanta Water and Wastewater revenue bonds, series 2004, is rated 'AAA/A-1'. The long-term component of the rating is based on the FSA-insured underlying bond. The short-term component of the rating is based on a guarantee provided by Morgan Stanley and liquidity facility provided by Morgan Stanley Municipal Funding Inc. until May 22, 2007. Morgan Stanley&Co. Inc. Trust residual certificates, series 2004-1273, relating to City of Atlanta Water and Wastewater revenue bonds, series 2004, is rated 'AAA'. The rating is based on the FSA-insured underlying bond. The stable outlook is based on the insurer.