Standard&Poor's Ratings Services lowered its ratings on Morgan Stanley&Co. Inc. Trust's floater and residual certificates series 2008-3067x, relating to California Educational Facilities Authority's (University of Southern California) revenue term bonds series 2009B, to 'AA/A-1' and 'AA' from 'AA+/A-1' and 'AA+', respectively. This action follows Standard&Poor's Aug. 5, 2011, downgrade of its rating on the underlying bonds to 'AA' from 'AA+'. The long-term component of the rating on the floater and residual certificates is based on the rating on the underlying bonds (CUSIP #: 130178SC1). The short-term component of the rating on the floater certificates is based on the liquidity provided by Morgan Stanley Bank N.A. USPF Criteria: Secondary Market Derivative Products, June 27, 2007
