Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Morgan Stanley&Co. Inc. Trust's floater and residual certificates, respectively, series 2008-3250, relating to East Bay Municipal Utility District's (Alameda and Contra Costa Counties, Calif.) water system subordinated revenue/refunding bonds series 2010A. The long-term component of the rating on the floater certificates is based on the underlying bonds (AAA). The short-term component of the rating is based on Morgan Stanley Bank N.A., until Feb. 15, 2012. The rating on the residual certificates is based on the underlying bonds. USPF Criteria: Secondary Market Derivative Products, June 27, 2007