Morgan Stanley&Co. Inc. Trust floater certificates series 2004-1165, relating to Maricopa County Industrial Development Authority, Ariz. single-family mortgage revenue bonds series 2003-B, are rated 'AA/A-1'. The long-term component of the rating is based on the 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 July 1, 2006. Morgan Stanley&Co. Inc. Trust residual certificates series 2004-1165, relating to Maricopa County Industrial Development Authority, Ariz.'s single-family mortgage revenue bonds series 2003-B, are rated 'AA'. The rating is based on the underlying bond.