Morgan Stanley&Co. Inc. Trust floater certificates series 2008-2538, relating to Arizona Transportation Board highway revenue bonds series 2005B, are rated 'AAA/A-1+'. The long-term component of the rating is based on the 'AAA' 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 March 19, 2009. Morgan Stanley&Co. Inc. Trust residual certificates series 2008-2538, relating to Arizona Transportation Board highway revenue bonds series 2005B, are rated 'AAA'. The rating is based on the 'AAA' rated underlying bond.