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Rating Action:

Moody's Takes Action on Certain Morgan Stanley deals

04 Feb 2009

New York, February 04, 2009 -- Moody's Investors Service has downgraded 541 tranches from 32 Morgan Stanley deals.

The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, Alt-A mortgage loans. The actions are triggered by rapidly increasing delinquencies, higher severities, slower prepayments and mounting losses in the underlying collateral. Additionally, the continued deterioration of the housing market has also contributed to the increased loss expectations for Alt-A pools. The actions listed below reflect Moody's updated expected losses on the Alt-A sector announced in a press release on January 22, 2009, and are part of Moody's on-going review process.

Moody's final rating actions are based on current ratings, level of credit enhancement, collateral performance and updated pool-level loss expectations relative to current level of credit enhancement. Moody's took into account credit enhancement provided by seniority, cross-collateralization, excess spread, time tranching, and other structural features within the senior note waterfalls. General loss estimation methodology is outlined below.

For details regarding Moody's approach towards calculating updated expected losses on Alt-A pools backed by collateral originations from 2006 and 2007, please refer to the methodology publication "Alt-A RMBS Loss Projection Update: January 2009," available on Moodys.com. Moody's will follow a similar approach for deals from the 2005 vintage with appropriate changes to certain key input parameters such as severity and the rate of delinquency build up, which would be generally lower relative to the 2006 and 2007 vintages. These differences are aimed at better capturing the specific characteristics of loans from the 2005 vintage that were originated in an environment of relatively tighter underwriting standards and also benefited from some initial home price appreciation.

Loss estimates are subject to variability and are sensitive to assumptions used; as a result, realized losses could ultimately turn out higher or lower than our current expectations. Moody's will continue to evaluate performance data as it becomes available and will assess the pattern of potential future defaults and adjust loss expectations accordingly as necessary.

Moody's Investors Service completed its review of the underlying rating on the following certificate that is guaranteed by the financial guarantor identified below. The underlying rating reflects the intrinsic credit quality of the certificate in the absence of the guarantee. The current rating on the below certificate is consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating and the underlying rating based on Moody's modified approach to rating structured finance securities wrapped by financial guarantors. Please see the press release dated November 10, 2008, titled "Moody's modifies approach to rating structured finance securities wrapped by financial guarantors".

Complete rating actions are as follows:

Morgan Stanley Mortgage Loan Trust 2005-10

Cl. 1-A-1, Downgraded to B3; previously on 10/30/2008 Downgraded to A1

Cl. 1-A-2, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A1

Cl. 1-A-3, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A1

Cl. 1-A-4, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A1

Cl. 1-A-5, Downgraded to B3; previously on 10/30/2008 Downgraded to A1

Cl. 1-A-6, Downgraded to B3; previously on 12/5/2005 Assigned Aaa

Cl. 1-A-7, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A1

Cl. 1-A-8, Downgraded to B3; previously on 12/5/2005 Assigned Aaa

Cl. 1-A-9, Downgraded to B3; previously on 12/5/2005 Assigned Aaa

Cl. 1-A-10, Downgraded to Ca; previously on 10/30/2008 Downgraded to A2

Cl. 1-A-X, Downgraded to B3; previously on 12/5/2005 Assigned Aaa

Cl. 1-A-P, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A1

Cl. 2-A-1, Downgraded to Ba1; previously on 12/5/2005 Assigned Aaa

Cl. 2-A-2, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A2

Cl. 3-A, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A1

Cl. 4-A-1, Downgraded to Ba3; previously on 12/5/2005 Assigned Aaa

Cl. 4-A-2, Downgraded to Caa2; previously on 10/30/2008 Downgraded to A2

Cl. 4-A-P, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A1

Cl. 5-A-1, Downgraded to Ba3; previously on 12/5/2005 Assigned Aaa

Cl. 5-A-2, Downgraded to Caa2; previously on 10/30/2008 Downgraded to A2

Cl. 5-A-X, Downgraded to Ba3; previously on 12/5/2005 Assigned Aaa

Morgan Stanley Mortgage Loan Trust 2005-11AR

Cl. A-1, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Baa3

Cl. A-2, Downgraded to B3; previously on 8/21/2008 Downgraded to Aa1

Cl. A-3, Downgraded to Ca; previously on 8/21/2008 Downgraded to Ba1

Cl. X, Downgraded to B3; previously on 8/21/2008 Downgraded to Aa1

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to B3

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. M-3, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-4, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-5, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-6, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. B-1, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. B-2, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2005-2AR

Cl. A, Downgraded to A1; previously on 4/26/2005 Assigned Aaa

Cl. X, Downgraded to A1; previously on 4/26/2005 Assigned Aaa

Morgan Stanley Mortgage Loan Trust 2005-4

Cl. 1-A, Downgraded to Baa1; previously on 8/8/2005 Assigned Aaa

Cl. 1-A-X, Downgraded to Baa2; previously on 8/8/2005 Assigned Aaa

Cl. 1-A-P, Downgraded to Baa2; previously on 8/8/2005 Assigned Aaa

Cl. 2-A-1, Downgraded to Baa2; previously on 8/8/2005 Assigned Aaa

Cl. 2-A-2, Downgraded to Baa2; previously on 8/8/2005 Assigned Aa1

Cl. 3-A-1, Downgraded to Baa1; previously on 8/8/2005 Assigned Aaa

Cl. 3-A-2, Downgraded to Baa2; previously on 8/8/2005 Assigned Aa1

Cl. 4-A, Downgraded to Baa2; previously on 8/8/2005 Assigned Aaa

Cl. 5-A-1, Downgraded to Aa3; previously on 8/8/2005 Assigned Aaa

Cl. 5-A-2, Downgraded to Baa2; previously on 8/8/2005 Assigned Aa1

Cl. 5-A-3, Downgraded to Aa3; previously on 8/8/2005 Assigned Aaa

Cl. 5-A-4, Downgraded to Aa3; previously on 8/8/2005 Assigned Aaa

Cl. 5-A-5, Downgraded to Baa1; previously on 8/8/2005 Assigned Aaa

Cl. 5-A-6, Downgraded to A1; previously on 8/8/2005 Assigned Aaa

Cl. 5-A-P, Downgraded to Baa2; previously on 8/8/2005 Assigned Aaa

Cl. 6-A-1, Downgraded to Baa2; previously on 8/8/2005 Assigned Aaa

Cl. 6-A-2, Downgraded to Baa2; previously on 8/8/2005 Assigned Aaa

Morgan Stanley Mortgage Loan Trust 2005-5AR

Cl. 1-A-1, Downgraded to Baa2; previously on 9/14/2005 Assigned Aaa

Cl. 1-A-3, Downgraded to Aa2; previously on 9/14/2005 Assigned Aaa

Cl. 1-A-4, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa2

Cl. 2-A-1, Downgraded to B3; previously on 10/30/2008 Downgraded to Aa3

Cl. 2-A-2, Downgraded to Ca; previously on 10/30/2008 Downgraded to Baa3

Cl. 3-A-1, Downgraded to B3; previously on 10/30/2008 Downgraded to Aa2

Cl. 3-A-2, Downgraded to B3; previously on 10/30/2008 Downgraded to Baa1

Cl. 3-A-3, Downgraded to Ca; previously on 10/30/2008 Downgraded to Baa3

Cl. 4-A-1, Downgraded to B3; previously on 10/30/2008 Downgraded to Aa2

Cl. 4-A-2, Downgraded to Ca; previously on 10/30/2008 Downgraded to Baa3

Cl. 1-M-1, Downgraded to Ba3; previously on 10/30/2008 Downgraded to A3

Cl. 1-M-2, Downgraded to Caa1; previously on 10/30/2008 Downgraded to Baa2

Cl. 1-M-3, Downgraded to Ca; previously on 10/30/2008 Downgraded to Ba2

Cl. 1-M-4, Downgraded to C; previously on 10/30/2008 Downgraded to B3

Cl. 1-M-5, Downgraded to C; previously on 10/30/2008 Downgraded to Caa3

Cl. 1-M-6, Downgraded to C; previously on 10/30/2008 Downgraded to Ca

Cl. B-1, Downgraded to C; previously on 10/30/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C; previously on 10/30/2008 Downgraded to Caa3

Cl. B-3, Downgraded to C; previously on 10/30/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2005-6AR

Cl. 1-A-1, Downgraded to Baa2; previously on 8/21/2008 Downgraded to Aa1

Cl. 1-A-2, Downgraded to Aa2; previously on 11/21/2005 Assigned Aaa

Cl. 1-A-4, Downgraded to Baa2; previously on 8/21/2008 Downgraded to Aa2

Cl. 2-A-1, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Aa2

Cl. 2-A-2, Downgraded to Caa1; previously on 11/21/2005 Assigned Aaa

Cl. 2-A-3, Downgraded to Ca; previously on 8/21/2008 Downgraded to Aa3

Cl. 3-A-1, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Aa2

Cl. 3-A-2, Downgraded to B3; previously on 11/21/2005 Assigned Aaa

Cl. 3-A-3, Downgraded to Ca; previously on 8/21/2008 Downgraded to Aa3

Cl. 4-A-1, Downgraded to B2; previously on 11/21/2005 Assigned Aaa

Cl. 4-A-2, Downgraded to B2; previously on 11/21/2005 Assigned Aaa

Cl. 4-A-3, Downgraded to Ca; previously on 8/21/2008 Downgraded to Aa3

Cl. 5-A-1, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Aa2

Cl. 5-A-2, Downgraded to Caa1; previously on 11/21/2005 Assigned Aaa

Cl. 5-A-3, Downgraded to Ca; previously on 8/21/2008 Downgraded to Aa3

Cl. 6-A-1, Downgraded to Ba2; previously on 11/21/2005 Assigned Aaa

Cl. 6-A-2, Downgraded to Ca; previously on 8/21/2008 Downgraded to Aa3

Cl. 1-M-1, Downgraded to Ba1; previously on 4/18/2008 Downgraded to Aa3

Cl. 1-M-2, Downgraded to Ba3; previously on 4/18/2008 Downgraded to Baa1

Cl. 1-M-3, Downgraded to B2; previously on 4/18/2008 Downgraded to Baa3

Cl. 1-M-4, Downgraded to Caa1; previously on 4/18/2008 Downgraded to Ba3

Cl. 1-M-5, Downgraded to Ca; previously on 4/18/2008 Downgraded to B3

Cl. 1-M-6, Downgraded to C; previously on 4/18/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 1-B-1, Downgraded to C; previously on 4/18/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 1-B-2, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. 1-B-3, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2005-7

Cl. 1-A, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 1-A-X, Downgraded to Ba1; previously on 11/21/2005 Assigned Aaa

Cl. 1-A-P, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 2-A-1, Downgraded to Baa2; previously on 11/21/2005 Assigned Aaa

Cl. 2-A-2, Downgraded to Ba1; previously on 11/21/2005 Assigned Aa1

Cl. 3-A-1, Downgraded to Ba1; previously on 11/21/2005 Assigned Aaa

Cl. 3-A-2, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa2

Cl. 4-A-1, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 4-A-2, Downgraded to Baa3; previously on 11/21/2005 Assigned Aaa

Cl. 4-A-3, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa2

Cl. 4-A-4, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 4-A-X, Downgraded to Baa3; previously on 11/21/2005 Assigned Aaa

Cl. 4-A-P, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 5-A, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 6-A-1, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 6-A-2, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 6-A-3, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 6-A-X, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 6-A-P, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 7-A-1, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 7-A-2, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 7-A-3, Downgraded to Ba2; previously on 10/30/2008 Downgraded to Aa1

Cl. 7-A-4, Downgraded to Baa3; previously on 11/21/2005 Assigned Aaa

Cl. 7-A-5, Downgraded to Baa3; previously on 11/21/2005 Assigned Aaa

Cl. 7-A-6, Downgraded to Baa3; previously on 11/21/2005 Assigned Aaa

Cl. 7-A-7, Downgraded to Baa3; previously on 11/21/2005 Assigned Aaa

Cl. 7-A-8, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Cl. 7-A-9, Downgraded to Baa3; previously on 11/21/2005 Assigned Aaa

Cl. 7-A-10, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa2

Cl. 7-A-X, Downgraded to Baa3; previously on 11/21/2005 Assigned Aaa

Cl. 7-A-P, Downgraded to Ba1; previously on 10/30/2008 Downgraded to Aa1

Morgan Stanley Mortgage Loan Trust 2005-9AR

Cl. 1-A, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Baa1

Cl. 1-X, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Baa1

Cl. 2-A, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A3

Cl. 3-A-1, Downgraded to Baa3; previously on 8/21/2008 Downgraded to Aa1

Cl. 3-A-2, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa1

Cl. 1-B-1, Downgraded to C; previously on 8/21/2008 Downgraded to B3

Cl. 1-B-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. 1-B-3, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. B-1, Downgraded to C; previously on 8/21/2008 Downgraded to B3

Cl. B-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-3, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-11

Cl. 1-A-2, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Baa2

Cl. 1-A-3, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa2

Cl. 1-A-4, Downgraded to Caa1; previously on 8/14/2006 Assigned Aaa

Cl. 1-A-5, Downgraded to Ca; previously on 8/21/2008 Downgraded to Ba1

Cl. 1-A-6, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa2

Cl. 2-A-1, Downgraded to Caa1; previously on 8/14/2006 Assigned Aaa

Cl. 2-A-2, Downgraded to Caa2; previously on 8/14/2006 Assigned Aaa

Cl. 2-A-3, Downgraded to Caa2; previously on 8/14/2006 Assigned Aaa

Cl. 2-A-4, Downgraded to Ca; previously on 8/21/2008 Downgraded to A1

Cl. 2-A-P, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Aa3

Cl. 3-A-1, Downgraded to Caa1; previously on 8/14/2006 Assigned Aaa

Cl. 3-A-2, Downgraded to Caa2; previously on 8/14/2006 Assigned Aaa

Cl. 3-A-3, Downgraded to Caa2; previously on 8/14/2006 Assigned Aaa

Cl. 3-A-4, Downgraded to Ca; previously on 8/21/2008 Downgraded to A1

Cl. 3-A-P, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Aa3

Cl. 4-A-1, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Aa3

Cl. 4-A-2, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Aa3

Cl. 1-M-1, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 1-M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. 1-M-3, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. 1-M-4, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-1, Downgraded to C; previously on 4/18/2008 Downgraded to Ba2

Cl. B-2, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. B-3, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-12XS

Cl. A-2A, Downgraded to Baa2; previously on 10/12/2006 Assigned Aaa

Cl. A-2B, Downgraded to Baa3; previously on 8/21/2008 Downgraded to Aa2

Cl. A-3, Downgraded to B2; previously on 8/21/2008 Downgraded to Aa3

Cl. A-4, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa2

Cl. A-5A, Downgraded to B3; previously on 10/12/2006 Assigned Aaa

Cl. A-5B, Downgraded to Ca; previously on 8/21/2008 Downgraded to Baa2

Cl. A-6A, Downgraded to B3; previously on 10/12/2006 Assigned Aaa

Cl. A-6B, Downgraded to Ca; previously on 8/21/2008 Downgraded to Baa2

Morgan Stanley Mortgage Loan Trust 2006-13ARX

Cl. A-1, Downgraded to B3; previously on 8/21/2008 Downgraded to Baa2

Cl. A-2, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa3

Cl. A-3, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa3

Cl. A-4, Downgraded to Ca; previously on 8/21/2008 Downgraded to Caa2

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-15XS

Cl. A-1, Downgraded to Aa2; previously on 11/14/2006 Assigned Aaa

Cl. A-2-A, Downgraded to Ba1; previously on 8/21/2008 Downgraded to Aa2

Cl. A-2-B, Downgraded to Baa1; previously on 9/18/2008 Downgraded to Aa2

Current Underlying Rating: Downgraded to Ba1; previously on 10/2/2008 Published at Aa2

Financial Guarantor: MBIA Insurance Corporation (Assigned Baa1 on 11/16/2008)

Cl. A-3, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Aa3

Cl. A-4-A, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A1

Cl. A-4-B, Downgraded to Baa1; previously on 9/18/2008 Downgraded to A1

Current Underlying Rating: Downgraded to Caa1; previously on 10/2/2008 Published at A1

Financial Guarantor: MBIA Insurance Corporation (Assigned Baa1 on 11/16/2008)

Cl. A-5-A, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A1

Cl. A-5-B, Downgraded to Baa1; previously on 9/18/2008 Downgraded to A1

Current Underlying Rating: Downgraded to Caa1; previously on 10/2/2008 Published at A1

Financial Guarantor: MBIA Insurance Corporation (Assigned Baa1 on 11/16/2008)

Cl. A-6-A, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A1

Cl. A-6-B, Downgraded to Baa1; previously on 9/18/2008 Downgraded to A1

Current Underlying Rating: Downgraded to Caa1; previously on 10/2/2008 Published at A1

Financial Guarantor: MBIA Insurance Corporation (Assigned Baa1 on 11/16/2008)

Cl. M-1, Downgraded to Ca; previously on 4/18/2008 Downgraded to Baa3

Cl. M-2, Downgraded to Ca; previously on 4/18/2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 4/18/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 4/18/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 4/18/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 8/21/2008 Downgraded to Caa1

Cl. B-1, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. B-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-3, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-16AX

Cl. 1-A, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Ba3

Cl. 2-A-1, Downgraded to Ba3; previously on 8/21/2008 Downgraded to A1

Cl. 2-A-2, Downgraded to Caa2; previously on 8/21/2008 Downgraded to A2

Cl. 2-A-3, Downgraded to Caa2; previously on 8/21/2008 Downgraded to A3

Cl. 2-A-4, Downgraded to Ca; previously on 8/21/2008 Downgraded to Caa1

Cl. 3-A-1, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa1

Cl. 3-A-2, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 3-M-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-17XS

Cl. A-1, Downgraded to Baa1; previously on 8/21/2008 Downgraded to Aa2

Cl. A-2-A, Downgraded to Ba2; previously on 1/8/2007 Assigned Aaa

Cl. A-2-B, Downgraded to Ba3; previously on 8/21/2008 Downgraded to A1

Cl. A-2-W, Downgraded to Baa1; previously on 10/2/2008 Upgraded to Aa3

Current Underlying Rating: Downgraded to Caa1; previously on 10/2/2008 Published at Aa3

Financial Guarantor: MBIA Insurance Corporation (Assigned Baa1 on 11/16/2008)

Cl. A-3-A, Downgraded to Caa1; previously on 1/8/2007 Assigned Aaa

Cl. A-3-B, Downgraded to Ca; previously on 8/21/2008 Downgraded to A2

Cl. A-4, Downgraded to Caa2; previously on 8/21/2008 Downgraded to A3

Cl. A-5-W, Downgraded to Baa1; previously on 11/16/2008 Downgraded to A3

Current Underlying Rating: Downgraded to Caa2; previously on 10/2/2008 Published at A3

Financial Guarantor: MBIA Insurance Corporation (Assigned Baa1 on 11/16/2008)

Cl. A-6, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Aa3

Cl. M-1, Downgraded to C; previously on 4/18/2008 Downgraded to Ba1

Cl. M-2, Downgraded to C; previously on 4/18/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 4/18/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 4/18/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 8/21/2008 Downgraded to Caa1

Cl. M-6, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. B-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-3, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-1AR

Cl. 1-A-1, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Baa1

Cl. 1-A-2, Downgraded to Caa1; previously on 2/27/2006 Assigned Aaa

Cl. 1-A-3, Downgraded to Ca; previously on 8/21/2008 Downgraded to Baa2

Cl. 1-A-X, Downgraded to Caa1; previously on 2/27/2006 Assigned Aaa

Cl. 2-A, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa3

Cl. 3-A, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa3

Cl. 4-A-1, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa2

Cl. 4-A-2, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa3

Cl. 4-A-3, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa3

Cl. 1-M-1, Downgraded to C; previously on 4/18/2008 Downgraded to Baa2

Cl. 1-M-2, Downgraded to C; previously on 4/18/2008 Downgraded to B2

Cl. 1-M-3, Downgraded to C; previously on 8/21/2008 Downgraded to Caa3

Cl. 1-M-4, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. 1-M-5, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. 1-M-6, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. 1-M-X, Downgraded to C; previously on 4/18/2008 Downgraded to Baa2

Cl. 1-B-1, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. 1-B-2, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. 1-B-3, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. B-1, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. B-3, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-2

Cl. 1-A, Downgraded to B3; previously on 10/30/2008 Downgraded to A3

Cl. 1-A-X, Downgraded to B3; previously on 10/30/2008 Downgraded to A3

Cl. 1-A-P, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 2-A-1, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 2-A-2, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 2-A-3, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 2-A-4, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 2-A-X, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 2-A-P, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 3-A, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 4-A, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 4-A-X, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 5-A-1, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 5-A-2, Downgraded to Aa2; previously on 2/27/2006 Assigned Aaa

Cl. 5-A-3, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 5-A-4, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 6-A, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 6-A-X, Downgraded to Caa1; previously on 10/30/2008 Downgraded to A3

Cl. 7-A-1, Downgraded to B3; previously on 2/27/2006 Assigned Aaa

Cl. 7-A-2, Downgraded to Ca; previously on 10/30/2008 Downgraded to Baa1

Cl. M-1, Downgraded to C; previously on 10/30/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 10/30/2008 Downgraded to Caa3

Cl. M-3, Downgraded to C; previously on 10/30/2008 Downgraded to Ca

Cl. M-4, Downgraded to C; previously on 10/30/2008 Downgraded to Ca

Cl. M-5, Downgraded to C; previously on 10/30/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-3AR

Cl. 1-A-1, Downgraded to Caa1; previously on 3/14/2006 Assigned Aaa

Cl. 1-A-2, Downgraded to Ca; previously on 8/21/2008 Downgraded to A1

Cl. 1-A-3, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Aa3

Cl. 1-A-X, Downgraded to Caa1; previously on 3/14/2006 Assigned Aaa

Cl. 2-A-1, Downgraded to Caa1; previously on 3/14/2006 Assigned Aaa

Cl. 2-A-2, Downgraded to Ca; previously on 8/21/2008 Downgraded to A3

Cl. 2-A-3, Downgraded to Caa2; previously on 3/14/2006 Assigned Aaa

Cl. 2-A-4, Downgraded to Ca; previously on 8/21/2008 Downgraded to A3

Cl. 3-A-1, Downgraded to Caa1; previously on 3/14/2006 Assigned Aaa

Cl. 3-A-2, Downgraded to Ca; previously on 8/21/2008 Downgraded to A3

Cl. 1-M-1, Downgraded to C; previously on 8/21/2008 Downgraded to Baa3

Cl. 1-M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ba3

Cl. 1-M-3, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 1-M-4, Downgraded to C; previously on 8/21/2008 Downgraded to Caa1

Cl. 1-M-5, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. 1-M-6, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. 1-M-7, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. 1-M-8, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. 1-M-9, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. 1-M-X, Downgraded to C; previously on 8/21/2008 Downgraded to Baa3

Cl. M-1, Downgraded to C; previously on 4/18/2008 Downgraded to B1

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Caa1

Cl. M-3, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. M-4, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. M-5, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. M-6, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. 1-B-1, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-5AR

Cl. A, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Ba1

Cl. A-X, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Ba1

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. M-3, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-4, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-5, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-6, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. M-7, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. M-8, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. M-X, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Morgan Stanley Mortgage Loan Trust 2006-6AR

Cl. 1-A-1, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Ba1

Cl. 1-A-2, Downgraded to Aa2; previously on 5/12/2006 Assigned Aaa

Cl. 1-A-3, Downgraded to B3; previously on 8/21/2008 Downgraded to Baa3

Cl. 1-A-4, Downgraded to Caa1; previously on 5/12/2006 Assigned Aaa

Cl. 1-A-5, Downgraded to Ca; previously on 8/21/2008 Downgraded to Ba3

Cl. 2-A, Downgraded to Caa2; previously on 8/21/2008 Downgraded to A2

Cl. 3-A-1, Downgraded to Caa3; previously on 5/12/2006 Assigned Aaa

Cl. 3-A-2, Downgraded to Caa2; previously on 5/12/2006 Assigned Aaa

Cl. 3-A-3, Downgraded to Ca; previously on 8/21/2008 Downgraded to A3

Cl. 3-A-4, Downgraded to Caa2; previously on 8/21/2008 Downgraded to A2

Cl. 3-A-5, Downgraded to Caa2; previously on 8/21/2008 Downgraded to A2

Cl. 4-A-1, Downgraded to Caa1; previously on 5/12/2006 Assigned Aaa

Cl. 4-A-2, Downgraded to Ca; previously on 8/21/2008 Downgraded to A3

Cl. 4-A-3, Downgraded to Caa1; previously on 5/12/2006 Assigned Aaa

Cl. 1-M-1, Downgraded to C; previously on 8/21/2008 Downgraded to Caa1

Cl. 1-M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. 1-M-3, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-1, Downgraded to C; previously on 4/18/2008 Downgraded to B3

Cl. B-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-3, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-7

Cl. 1-A, Downgraded to B3; previously on 6/12/2006 Assigned Aaa

Cl. 1-A-P, Downgraded to B3; previously on 6/12/2006 Assigned Aaa

Cl. 2-A, Downgraded to B3; previously on 6/12/2006 Assigned Aaa

Cl. 2-A-X, Downgraded to B3; previously on 6/12/2006 Assigned Aaa

Cl. 3-A, Downgraded to Caa1; previously on 6/12/2006 Assigned Aaa

Cl. 4-A-1, Downgraded to Caa1; previously on 6/12/2006 Assigned Aaa

Cl. 4-A-2, Downgraded to Caa1; previously on 6/12/2006 Assigned Aaa

Cl. 4-A-3, Downgraded to Caa1; previously on 6/12/2006 Assigned Aaa

Cl. 4-A-4, Downgraded to Caa1; previously on 6/12/2006 Assigned Aaa

Cl. 4-A-5, Downgraded to Caa1; previously on 6/12/2006 Assigned Aaa

Cl. 4-A-6, Downgraded to Caa1; previously on 6/12/2006 Assigned Aaa

Cl. 4-A-7, Downgraded to Caa1; previously on 6/12/2006 Assigned Aaa

Cl. 4-A-8, Downgraded to Ca; previously on 6/12/2006 Assigned Aa1

Cl. 4-A-X, Downgraded to Caa1; previously on 6/12/2006 Assigned Aaa

Cl. 4-A-P, Downgraded to Caa1; previously on 6/12/2006 Assigned Aaa

Cl. 5-A-1, Downgraded to Aa2; previously on 6/12/2006 Assigned Aaa

Cl. 5-A-2, Downgraded to B3; previously on 8/21/2008 Downgraded to Aa3

Cl. 5-A-3, Downgraded to Caa2; previously on 8/21/2008 Downgraded to A1

Cl. 5-A-4, Downgraded to Caa2; previously on 8/21/2008 Downgraded to A1

Cl. 5-A-5, Downgraded to Caa2; previously on 8/21/2008 Downgraded to A1

Cl. 5-M-1, Downgraded to C; previously on 8/21/2008 Downgraded to B3

Cl. 5-M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-1, Downgraded to C; previously on 8/21/2008 Downgraded to Baa2

Cl. B-2, Downgraded to C; previously on 4/18/2008 Downgraded to B3

Cl. B-3, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-8AR

Cl. 1-A-1, Downgraded to Caa3; previously on 8/21/2008 Downgraded to B2

Cl. 1-A-2, Downgraded to B1; previously on 8/21/2008 Downgraded to Baa2

Cl. 1-A-3, Downgraded to Caa3; previously on 8/21/2008 Downgraded to Ba3

Cl. 1-A-4, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Aa1

Cl. 1-A-5, Downgraded to Ca; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to Caa3; previously on 8/21/2008 Downgraded to Aa1

Cl. 2-A-2, Downgraded to Ca; previously on 8/21/2008 Downgraded to B2

Cl. 3-A, Downgraded to Caa3; previously on 8/21/2008 Downgraded to B1

Cl. 4-A-1, Downgraded to Aa1; previously on 6/20/2006 Assigned Aaa

Cl. 4-A-2, Downgraded to Baa2; previously on 6/20/2006 Assigned Aa1

Cl. 5-A-1, Downgraded to Baa1; previously on 6/20/2006 Assigned Aaa

Cl. 5-A-2, Downgraded to A1; previously on 6/20/2006 Assigned Aaa

Cl. 5-A-3, Downgraded to A1; previously on 6/20/2006 Assigned Aaa

Cl. 5-A-4, Downgraded to A1; previously on 6/20/2006 Assigned Aaa

Cl. 5-A-5, Downgraded to Baa2; previously on 6/20/2006 Assigned Aa1

Cl. 6-A-1, Downgraded to Aa1; previously on 6/20/2006 Assigned Aaa

Cl. 6-A-2, Downgraded to Baa2; previously on 6/20/2006 Assigned Aa1

Cl. 1-M-1, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. 1-M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. 1-M-3, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. II-B-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. II-B-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2006-9AR

Cl. A-1, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A2

Cl. A-2, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A2

Cl. A-3, Downgraded to Baa2; previously on 8/14/2006 Assigned Aaa

Cl. A-4, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A2

Cl. A-5, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A2

Cl. A-6, Downgraded to Ca; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2007-10XS

Cl. A-1, Downgraded to B2; previously on 7/9/2007 Assigned Aaa

Cl. A-1-W, Downgraded to Baa1; previously on 7/9/2007 Assigned Aaa

Current Underlying Rating: Downgraded to Caa3; previously on 10/2/2008 Published at Aaa

Financial Guarantor: MBIA Insurance Corporation (Assigned Baa1 on 11/16/2008)

Cl. A-2, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-3-W, Baa1; previously on 11/16/2008 Downgraded to Baa1

Current Underlying Rating: Downgraded to Ca; previously on 10/2/2008 Published at Ba2

Financial Guarantor: MBIA Insurance Corporation (Assigned Baa1 on 11/16/2008)

Cl. A-4, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-5, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-6, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-7, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-8, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-9, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-10, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-11, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-12, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-13, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-14, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-15, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-16, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-17, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-18, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-19, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-20, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-21, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-22, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. A-23, Downgraded to B3; previously on 7/9/2007 Assigned Aaa

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to B2

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 8/21/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. B-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2007-11AR

Cl. 1-A-1, Downgraded to Caa2; previously on 7/16/2007 Assigned Aaa

Cl. 1-A-2, Downgraded to Ca; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to Caa2; previously on 7/16/2007 Assigned Aaa

Cl. 2-A-2, Downgraded to Ca; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 2-A-3, Downgraded to Caa1; previously on 7/16/2007 Assigned Aaa

Cl. 2-A-4, Downgraded to Ca; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 2-A-5, Downgraded to Caa2; previously on 7/16/2007 Assigned Aaa

Cl. 2-A-6, Downgraded to Ca; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 2-A-7, Downgraded to Caa2; previously on 7/16/2007 Assigned Aaa

Cl. 2-A-8, Downgraded to Ca; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 2-X, Downgraded to Caa2; previously on 7/16/2007 Assigned Aaa

Cl. B-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-2, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. B-3, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. B-4, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2007-14AR

Cl. 6-A-1, Downgraded to Caa2; previously on 10/30/2008 Downgraded to Baa2

Morgan Stanley Mortgage Loan Trust 2007-1XS

Cl. 1-A-1, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa3

Cl. 1-A-2, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa3

Cl. 2-A-1, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A3

Cl. 2-A-2, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa1

Cl. 2-A-3, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa3

Cl. 2-A-4-A, Downgraded to Caa1; previously on 2/15/2007 Assigned Aaa

Cl. 2-A-4-B, Downgraded to Ca; previously on 8/21/2008 Downgraded to Ba3

Cl. 2-A-4-C, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Ba1

Cl. 2-A-5, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Ba1

Cl. 2-A-6, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Baa3

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. M-4, Downgraded to C; previously on 8/21/2008 Downgraded to Caa3

Cl. M-5, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-6, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2007-2AX

Cl. 1-A, Downgraded to Caa3; previously on 8/21/2008 Downgraded to B3

Cl. 2-A-1, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Aa3

Cl. 2-A-2, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A2

Cl. 2-A-3, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A3

Cl. 2-A-4, Downgraded to Ca; previously on 8/21/2008 Downgraded to Caa1

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-3, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2007-3XS

Cl. 1-A-1, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Ba2

Cl. 1-A-2-A, Downgraded to Caa1; previously on 3/16/2007 Assigned Aaa

Cl. 1-A-2-B, Downgraded to Ca; previously on 8/21/2008 Downgraded to Ba3

Cl. 1-A-3-A, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Aa1

Cl. 1-A-3-B, Downgraded to Ca; previously on 8/21/2008 Downgraded to Ba3

Cl. 2-A-1-A, Downgraded to Baa2; previously on 3/16/2007 Assigned Aaa

Cl. 2-A-1-B, Downgraded to B2; previously on 8/21/2008 Downgraded to Baa1

Cl. 2-A-2-SS, Downgraded to Caa1; previously on 3/16/2007 Assigned Aaa

Cl. 2-A-3-SS, Downgraded to Caa1; previously on 3/16/2007 Assigned Aaa

Cl. 2-A-4-SS, Downgraded to Caa1; previously on 3/16/2007 Assigned Aaa

Cl. 2-A-5, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Ba1

Cl. 2-A-6, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Ba1

Cl. 2-A-7-M, Downgraded to Ca; previously on 8/21/2008 Downgraded to Ba2

Cl. M-1, Downgraded to C; previously on 4/18/2008 Downgraded to B2

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 8/21/2008 Downgraded to Caa1

Cl. M-4, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. M-5, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-6, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-2, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2007-5AX

Cl. 1-A, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Caa1

Cl. 2-A-1, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Ba3

Cl. 2-A-2, Downgraded to Caa1; previously on 8/21/2008 Downgraded to B1

Cl. 2-A-3, Downgraded to Caa1; previously on 8/21/2008 Downgraded to B1

Cl. 2-A-4, Downgraded to Ca; previously on 8/21/2008 Downgraded to Caa3

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2007-6XS

Cl. 1-A-1, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A2

Cl. 1-A-2-M, Downgraded to Ca; previously on 8/21/2008 Downgraded to A3

Cl. 1-A-2-SS, Downgraded to B3; previously on 4/16/2007 Assigned Aaa

Cl. 1-A-3-M, Downgraded to Ca; previously on 8/21/2008 Downgraded to A3

Cl. 1-A-3-SS, Downgraded to B3; previously on 4/16/2007 Assigned Aaa

Cl. 2-A-1-M, Downgraded to Caa1; previously on 8/21/2008 Downgraded to Baa1

Cl. 2-A-1-SS, Downgraded to Ba3; previously on 4/16/2007 Assigned Aaa

Cl. 2-A-2-SS, Downgraded to Caa1; previously on 4/16/2007 Assigned Aaa

Cl. 2-A-3-SS, Downgraded to Caa1; previously on 4/16/2007 Assigned Aaa

Cl. 2-A-4-SS, Downgraded to Caa1; previously on 4/16/2007 Assigned Aaa

Cl. 2-A-5-SS, Downgraded to Caa1; previously on 4/16/2007 Assigned Aaa

Cl. 2-A-6-M, Downgraded to Ca; previously on 8/21/2008 Downgraded to Baa1

Cl. 2-A-6-SS, Downgraded to Caa1; previously on 4/16/2007 Assigned Aaa

Cl. 2-A-7-M, Downgraded to Ca; previously on 8/21/2008 Downgraded to Baa1

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to B2

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. B-2, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. B-3, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2007-7AX

Cl. 1-A, Downgraded to Caa3; previously on 8/21/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Ba3

Cl. 2-A-2, Downgraded to Caa2; previously on 8/21/2008 Downgraded to Ba3

Cl. 2-A-3, Downgraded to Caa3; previously on 8/21/2008 Downgraded to Ba3

Cl. 2-A-4, Downgraded to Ca; previously on 8/21/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Cl. 2-A-5, Downgraded to Caa1; previously on 8/21/2008 Downgraded to A2

Cl. 2-A-6, Downgraded to Ca; previously on 8/21/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Morgan Stanley Mortgage Loan Trust 2007-8XS

Cl. A-1, Downgraded to B3; previously on 6/12/2007 Assigned Aaa

Cl. A-1-M, Downgraded to Ca; previously on 6/12/2007 Assigned Aaa

Cl. A-1-W, Downgraded to Baa1; previously on 6/4/2008 Aaa Placed Under Review for Possible

Current Underlying Rating: Downgraded to Caa1; previously on 10/2/2008 Published at Aaa

Financial Guarantor: MBIA Insurance Corporation (Assigned Baa1 on 11/16/2008)

Cl. A-2, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-3-W, Baa1; previously on 11/16/2008 Downgraded to Baa1

Current Underlying Rating: Downgraded to Ca; previously on 10/2/2008 Published at Ba3

Financial Guarantor: MBIA Insurance Corporation (Assigned Baa1 on 11/16/2008)

Cl. A-4, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-5, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-6, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-7, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-8, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-9, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-10, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-11, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-12, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-13, Downgraded to B3; previously on 6/12/2007 Assigned Aaa

Cl. A-14, Downgraded to B3; previously on 6/12/2007 Assigned Aaa

Cl. A-15, Downgraded to Ca; previously on 6/12/2007 Assigned Aaa

Cl. A-16, Downgraded to Ca; previously on 6/12/2007 Assigned Aaa

Cl. A-17, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-18, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-19, Downgraded to Caa1; previously on 6/12/2007 Assigned Aaa

Cl. A-20, Downgraded to Caa3; previously on 6/12/2007 Assigned Aaa

Cl. M-1, Downgraded to C; previously on 8/21/2008 Downgraded to B1

Cl. M-2, Downgraded to C; previously on 8/21/2008 Downgraded to B2

Cl. M-3, Downgraded to C; previously on 8/21/2008 Downgraded to B3

Cl. M-4, Downgraded to C; previously on 8/21/2008 Downgraded to Caa2

Cl. M-5, Downgraded to C; previously on 8/21/2008 Downgraded to Ca

Cl. M-6, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

Cl. B-1, Downgraded to C; previously on 4/18/2008 Downgraded to Ca

The ratings on the notes were assigned by evaluating factors determined to be applicable to the credit profile of the notes, such as i) the nature, sufficiency, and quality of historical performance information regarding the asset class as well as for the transaction sponsor, ii) an analysis of the collateral, iii) an analysis of the policies, procedures and alignment of interests of the key parties to the transaction, most notably the originator and the servicer, iv) an analysis of the transaction's allocation of collateral cashflow and capital structure, v) an analysis of the transaction's governance and legal structure, and (vi) a comparison of these attributes against those of other similar transactions.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF155230

For more information please see www.moodys.com.

A list of updated estimated pool losses is being updated twice weekly and may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF154891

For more information please see www.moodys.com.

New York
John Park
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Gerard Mazi
Senior Associate
Unknown Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Takes Action on Certain Morgan Stanley deals
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