Morgan Stanley&Co. Inc. Trust floater certificates series 2004-1114, relating to Austin, Texas (Travis and Williamson Counties) water and wastewater system revenue refunding bonds series 2004A, 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 May 11, 2006. Morgan Stanley&Co. Inc. Trust residual certificates series 2004-1114, relating to Austin, Texas (Travis and Williamson Counties) water and wastewater system revenue refunding bonds series 2004A, are rated 'AAA'. The rating is based on the Ambac-Insured underlying bond. The stable outlook reflects the outlook of the
