Standard&Poor's Ratings Services assigned its 'AA-/A-1' and 'AA-' ratings to Morgan Stanley&Co. LLC Trust's series 2008-3438 floater and residual certificates, respectively, relating to Atlanta's water and wastewater revenue refunding bonds, series 2015 term bonds. The long-term component of the ratings on the floater and residual certificates is based on the 'AA-' rated underlying bonds. The short-term component of the rating on the floater certificates is based on 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
