The Morgan Stanley&Co. Inc. Trust floater certificates series 2001-707, relating to Maricopa County Industrial Development Authority single-family mortgage revenue bonds series 2002A, are rated 'AAA/A-1+' and have been placed on CreditWatch with negative implications. The long-term component of the rating is based on the XL Capital-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 Dean Witter Municipal Funding Inc. until Sept. 4, 2003. Morgan Stanley was placed on CreditWatch with negative implications on Aug. 15, 2002.