Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Morgan Stanley&Co. Inc. Trust floater and residual certificates, issued under trust series 2008-2934, relating to custodial receipts series 2008-255, relating to District of Columbia's general obligation refunding bonds series 2007B. The 'AAA' ratings for the trust certificates are based jointly (assuming low correlation) on the ratings of the underlying bond obligor (A+) and credit enhancement in the form of a letter of credit provided by Bayerische Hypo-Und Vereinsbank AG (A+/A-1), and a credit facility guaranty provided by UniCredito S.p.A. (A+/A-1). The underlying bonds are also insured by Ambac. On an ongoing basis, the credit rating of the trust will be based on the higher of the
