Standard&Poor's Ratings Services assigned its 'AA+/A-1' and 'AA+' ratings to Morgan Stanley&Co. Inc. Trust's floater and residual certificates series 2008-3201, relating to Rutherford County Health&Educational Facilities Board, Tenn.'s revenue term bonds (Ascension Health Senior Credit Group) series 2010C. The long-term component of the rating on the floater and residual certificates is based on the rating on the underlying bonds (AA+). The short-term component of the rating is based on the rating on Morgan Stanley Bank N.A., until July 15, 2012. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms
