Morgan Stanley&Co. Inc. Trust floater certificates series 2004-1123, relating to Massachusetts Health and Educational Facilities Authority revenue bonds, Harvard University issue, series 2005B, 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 Aug. 3, 2006. Morgan Stanley&Co. Inc. Trust residual certificates series 2004-1123, relating to Massachusetts Health and Educational Facilities Authority revenue bonds, Harvard University issue, series 2005B, are rated 'AAA'. The rating is based on the underlying bond.