Morgan Stanley&Co. Inc. Trust floater certificates series 2006-1961, relating to East Bay Municipal Utility District, water system subordinate revenue bonds, series 2007A, is rated 'AAA/A-1'. The long-term component of the rating is based on the FGIC-insured 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 18, 2008. Morgan Stanley&Co. Inc. Trust residual certificates series 2006-1961, relating to East Bay Municipal Utility District, water system subordinate revenue bonds, series 2007A, is rated 'AAA'. The rating is based on the FGIC-insured underlying bond. The stable outlook is based on that of the bond insurer.
