Morgan Stanley&Co. Inc. Trust floater certificates series 2004-1077, relating to Illinois Educational Facilities Authority, revenue bonds, Northwestern University, series 2003, are rated 'AA+/A-1'. The long-term component of the rating is based on the underlying bond. The short-term component of the rating is based on a guarantee provided by Morgan Stanley and a liquidity facility provided by Morgan Stanley Municipal Funding Inc. until April 27, 2006. Morgan Stanley&Co. Inc. Trust residual certificates series 2004-1077, relating to Illinois Educational Facilities Authority, revenue bonds, Northwestern University, series 2003, are rated 'AA+'. The rating is based on the underlying bond.