Morgan Stanley&Co. Inc. Trust floater certificates series 2008-2450, relating to San Antonio, Texas electric and gas system revenue and refunding bonds series 2007, are rated 'AA/A-1+'. The long-term component of the rating is based on the 'AA' rated underlying bond. The short-term component of the rating is based on a guarantee provided by Morgan Stanley (AA-/Watch Neg/A-1+) and a liquidity facility provided by Morgan Stanley Municipal Funding Inc. until Feb. 20, 2009. Morgan Stanley&Co. Inc. Trust residual certificates series 2008-2450, relating to San Antonio, Texas electric and gas system revenue and refunding bonds series 2007, are rated 'AA'. The rating is based on the 'AA' rated underlying bond.