Standard&Poor's Ratings Services assigned its 'AA-/A-1' and 'AA-' ratings to Morgan Stanley&Co. LLC Trust's series 2008-3321 floater and residual certificates, respectively, relating to Port Authority of New York and New Jersey's consolidated bonds, 177th series, second installment serial bonds. The long-term rating component on the floater and residual certificates is based on the 'AA-' rated underlying bonds. The short-term rating component on the floater certificates is based on the rating on Credit Suisse AG until March 15, 2014. 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 investors and a description
