Morgan Stanley&Co. Inc. Trust floater certificates series 2006-2045, relating to the San Antonio Convention Center Hotel Finance Corporation (a Texas nonprofit local government corporation action on behalf of the City of San Antonio, Texas) contract revenue empowerment zone bonds series 2005A, is rated 'AAA/A-1+'. The long-term component of the rating is based on the Ambac-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 Aug. 22, 2008. Morgan Stanley&Co. Inc. Trust residual certificates series 2006-2045, relating to the San Antonio Convention Center Hotel Finance Corporation (a Texas nonprofit local government corporation action on behalf of the City
