Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Morgan Stanley&Co. Inc. Trust's floater and residual certificates series 2008-3235, resepctively, relating to Rhode Island Student Loan Authority's student loan program revenue (amt) term senior bonds series 2008A. The long-term component of the rating on the floater and residual certificates is based on the rating on the underlying bonds (AAA). The short-term component of the rating is based on the rating on Morgan Stanley Bank N.A., until Oct. 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 available to
