Morgan Keegan Municipal Products Inc. Variable Rate TRs, series 2005C, relating to Tennessee Housing Development Agency's single-family notes, series 2004CN-1, are rated 'SP-1+'. The long-term component of the rating is based on the Tennessee Housing Development Agency's notes deposited into the trust. The short-term component of the rating is based on a liquidity facility provided by BNP Paribas scheduled to expire on Dec. 4, 2006. The receipt holders' ability to receive the purchase price from the liquidity provider may terminate without notice under certain conditions set forth in the documents. The short-term portion of the rating does not apply to any receipts that are designated "residual TRs" pursuant to the "standard term and provisions of the trust agreement. The rating
