Morgan Stanley&Co. Inc. Trust floater certificates series 2006-1969, relating to the Illinois Financial Authority's multifamily housing revenue bonds, (Covered Bridges apartment projects) series 2006, 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 July 25, 2008. Morgan Stanley&Co. Inc. Trust residual certificates series 2006-1969, relating to the Illinois Financial Authority's multifamily housing revenue bonds, (Covered Bridges apartment projects) series 2006, is rated 'AAA'. The rating is based on the underlying bond.