Morgan Keegan Municipal Products Inc., variable rate trust series 2007E relating to Tennessee Housing Development Agency's single-family mortgage notes series 2007 CN-1 are rated 'SP-1+/A-1+'. The 'SP-1+' rating is based on the rated Tennessee Housing Development Agency's single-family mortgage notes series 2007 CN-1. The 'A-1+' rating is based on the liquidity facility from BNP Paribas. The expiration of the liquidity facility is Aug. 8, 2008. The rating on the receipts will change with the debt rating on the underlying securities. In addition, the rating does not address the likelihood that a Standard&Poor's Ratings Services rating on the underlying securities or the receipts could fall to below investment grade, or how quickly such an event might occur.
