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 2008-3266, respectively, relating to Port Authority of New York&New Jersey's consolidated bonds series 163, fourth installment bonds. The long-term component of the rating is based on the underlying bonds (AA-). The short-term component of the rating on the floater certificates is based on Morgan Stanley Bank N.A. until May 15, 2012. USPF Criteria: Secondary Market Derivative Products, June 27, 2007