Morgan Stanley&Co. Inc. Trust's floater certificates, series 2004-1280, relating to Michigan Higher Education Student Loan Authority student loan revenue bonds, series XVII-P, is 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 liquidity facility provided by Morgan Stanley Municipal Funding Inc. until May 22, 2007. Morgan Stanley&Co. Inc. Trust residual certificates, series 2004-1280, relating to Michigan Higher Education Student Loan Authority student loan revenue bonds, series XVII-P, is rated 'AAA'. The rating is based on the underlying bond.