OREANDA-NEWS. Fitch Ratings assigns the following ratings to the floater certificates and residual certificates of the Morgan Stanley & Co. Incorporated Trust series listed below:

--Series 2008-3430x floaters - 'AA-/F1', Stable Outlook;
--Series 2008-3430x residuals - 'AA-', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA-', Stable Outlook ratings assigned to the series 2008-3430x floaters and residuals are based on the rating that Fitch has assigned to Western Minnesota Municipal Power Agency power supply revenue bonds, 2014 series A (rated 'AA-', Stable Outlook by Fitch) that have been deposited in the trust.

The 'F1' short-term rating assigned to the floaters is based on the liquidity facilities provided by Morgan Stanley Bank, N.A. (rated, 'A/F1', Stable Outlook). The short-term rating assigned to the floaters will expire on May 15, 2015, the expiration date of the liquidity facility unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the floaters reflects the short-term rating that Fitch maintains on the bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term rating of the underlying bond deposited in the trust. The long-term ratings assigned to the floaters and residuals are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to the underlying bond ratings.