Morgan Stanley&Co. Inc. Trust floater certificates series 2004-1148, relating to Portland, Ore. first-lien sewer system revenue refunding bonds, 2005 series A, are rated 'AAA/A-1'. The long-term component of the rating is based on the FSA-insured 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 June 15, 2006. Morgan Stanley&Co. Inc. Trust residual certificates series 2004-1148, relating to Portland, Ore. first-lien sewer system revenue refunding bonds, 2005 series A, are rated 'AAA'. The rating is based on the FSA-insured underlying bond. The stable outlook is based on the outlook of the bond insurer.