Standard&Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Morgan Stanley&Co. LLC Trust's series 2008-3411 floater and residual certificates, respectively, related to New York State Dormitory Authority's series 2015A personal income tax revenue bonds (general purpose). The long-term component of the ratings on the floater and residual certificates reflects the 'AAA' rated underlying bonds. The short-term component of the rating on the floater certificates reflects the rating on the liquidity facility provider, Morgan Stanley Bank N.A., until May 15, 2015. 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
