Standard&Poor's Ratings Services assigned its 'AA-/A-1' and 'AA-' ratings to Morgan Stanley&Co. Inc. Trust's floater and residual certificates, respectively, series 2008-3264, relating to Port Authority of New York and New Jersey's consolidated first installment serial bonds series 161. The long-term component of the rating is based on the underlying bonds (AA-). The short-term component of the rating is based on Morgan Stanley Bank, N.A., until April 15, 2012. USPF Criteria: Secondary Market Derivative Products, June 27, 2007