The Morgan Stanley&Co. Inc. Trust floater certificates series 2002-744d, relating to Austin, Texas (Travis and Williamson counties) electric utility system revenue refunding bonds series 2002A, are rated 'AAA/A-1'. The long-term component of the rating is based on the Ambac-insured underlying bond. The short-term component of the rating is based on a guarantee provided by Morgan Stanley and a liquidity facility provided by Morgan Stanley Municipal Funding Inc. until Dec. 11, 2003.