Morgan Stanley&Co. Inc. Trust floater certificates series 2001-855, relating to Massachusetts Health and Educational Facilities Authority revenue bonds, Massachusetts Institute of Technology issue series L, are rated 'AAA/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 Sept. 17, 2004. Complete ratings information is available to subscribers of RatingsDirect, Standard&Poor's Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard&Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Credit Ratings
