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 2008-3022 floaters 'AA/F1'; Stable Outlook;
--Series 2008-3022 residuals 'AA-'; Stable Outlook;
--Series 2008-3248 floaters 'AA-/F1'; Stable Outlook;
--Series 2008-3248 residuals 'AA-'; Stable Outlook;
--Series 2008-3255 floaters 'AA-/F1'; Stable Outlook;
--Series 2008-3255 residuals-'AA-'; Stable Outlook.

KEY RATING DRIVERS

The Long-term 'AA'; Stable Outlook ratings assigned to the series 2008-3022 floaters and residuals are based on the rating that Fitch has assigned to Long Beach Unified School District (Los Angeles County, California) Election of 2008 General Obligation Bonds, Series A (rated 'AA'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series 2008-3248 floaters and residuals are based on the rating that Fitch has assigned to California Health Facilities Financing Authority Revenue Bonds (Sutter Health), Series 2011B Term Bonds and California Statewide Communities Development Authority Revenue Bonds (Sutter Health) Series 2011A, Term Bonds (rated 'AA-'; Stable Outlook) that have been deposited in the trust.

The Long-term 'AA-'; Stable Outlook ratings assigned to the series 2008-3255 floaters and residuals are based on the rating that Fitch has assigned to California Health Facilities Financing Authority Revenue Bonds (Sutter Health) Series 2007A Term Bond (rated 'AA-'; Stable Outlook) that have been deposited in the trust.

The 'F1' short-term rating assigned to the floaters is based on the liquidity facilities provided by Deutsche Bank AG New York Branch (rated 'A/F1'; Negative Outlook). The short-term rating assigned to the floaters will expire on June 15, 2016, 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 the underlying bond ratings.