Standard&Poor's Ratings Services assigned its 'AAA/A-1+' and 'AAA' ratings to Morgan Stanley&Co. Inc. Trust floater and residual certificates, respectively, issued under trust series 2006-2164, relating to Custody Receipts Series 2007-46, relating to District of Columbia sewage disposal system revenue second lien bonds series 2006A. The 'AAA' ratings are based jointly (assuming low correlation) on the ratings of the underlying bonds (AAA) and credit enhancement in the form of a credit and liquidity swap agreement provided by Morgan Stanley Municipal Funding Inc. (NR) with a guarantee provided by Morgan Stanley (AA-/A-1+). The 'A-1+' rating of the floater certificates is based on a liquidity facility provided by Morgan Stanley Municipal Funding Inc. (NR) also with a guarantee provided
