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Rating Action:

Moody's Takes Rating Action on Certain Morgan Stanley Alt-A deals

18 Apr 2008
Moody's Takes Rating Action on Certain Morgan Stanley Alt-A deals

New York, April 18, 2008 -- Moody's Investors Service has downgraded the ratings of 241 tranches from 26 Alt-A transactions issued by Morgan Stanley. One hundred nineteen tranches remain on review for possible further downgrade. Additionally, 111 tranches were placed on review for possible downgrade.

The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, Alt-A mortgage loans. The ratings were downgraded, in general, based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. The actions described below are a result of Moody's on-going review process.

Complete rating actions are as follows:

Morgan Stanley Mortgage Loan Trust 2005-11AR

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. X, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Baa1 from Aa1

Cl. M-2, Downgraded to B2 from Aa2

Cl. M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Ca from Ba1

Cl. B-1, Downgraded to Ca from B2

Cl. B-2, Downgraded to Ca from B3

Cl. B-3, Downgraded to Ca from B3

Morgan Stanley Mortgage Loan Trust 2005-5AR

Cl. 1-M-1, Downgraded to Aa2 from Aa1

Cl. 1-M-2, Downgraded to A1 from Aa2

Cl. 1-M-3, Downgraded to Baa1 from Aa3

Cl. 1-M-4, Downgraded to Ba1 from A1

Cl. 1-M-5, Downgraded to B1 from A2

Cl. 1-M-6, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. 1-B-1, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. 1-B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. 1-B-3, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to A1 from Aa2

Cl. B-2, Downgraded to Ba2 from A2

Cl. B-3, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Morgan Stanley Mortgage Loan Trust 2005-6AR

Cl. 1-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-M-1, Downgraded to Aa3 from Aa1

Cl. 1-M-2, Downgraded to Baa1 from Aa2

Cl. 1-M-3, Downgraded to Baa3 from Aa3

Cl. 1-M-4, Downgraded to Ba3 from A2

Cl. 1-M-5, Downgraded to B3 from Baa1

Cl. 1-M-6, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. 1-B-1, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. 1-B-2, Downgraded to Ca from Ba1

Cl. 1-B-3, Downgraded to Ca from B2

Morgan Stanley Mortgage Loan Trust 2005-9AR

Cl. 1-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-X, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 3-A-2, Placed on Review for Possible Downgrade, currently Aa1

Cl. 1-B-1, Downgraded to Baa3 from Aa2

Cl. 1-B-2, Downgraded to B3 from A2; Placed Under Review for further Possible Downgrade

Cl. 1-B-3, Downgraded to Ca from Ba1

Cl. B-1, Downgraded to Baa3 from Aa2

Cl. B-2, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to Ca from Ba1

Morgan Stanley Mortgage Loan Trust 2006-11

Cl. 1-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-6, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-M-1, Downgraded to B2 from Aa1

Cl. 1-M-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. 1-M-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. 1-M-4, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. 1-M-5, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. 1-M-6, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. 1-B-1, Downgraded to Ca from Ba1

Cl. 1-B-2, Downgraded to Ca from Ba2

Cl. 1-B-3, Downgraded to Ca from B1

Cl. 2-A-P, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-4, Placed on Review for Possible Downgrade, currently Aa1

Cl. 3-A-P, Placed on Review for Possible Downgrade, currently Aaa

Cl. 3-A-4, Placed on Review for Possible Downgrade, currently Aa1

Cl. 4-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 4-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. B-1, Downgraded to Ba2 from Aa2

Cl. B-2, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Morgan Stanley Mortgage Loan Trust 2006-12XS

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2B, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-5B, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-6B, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Baa1 from Aa1

Cl. M-2, Downgraded to B2 from Aa2

Cl. M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade

Morgan Stanley Mortgage Loan Trust 2006-13ARX

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B3 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to Caa1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to Caa1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Ca from Ba2

Cl. M-6, Downgraded to Ca from Ba3

Cl. B-1, Downgraded to Ca from B2

Cl. B-2, Downgraded to Ca from Caa1

Morgan Stanley Mortgage Loan Trust 2006-15XS

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Baa3 from Aa1

Cl. M-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade

Morgan Stanley Mortgage Loan Trust 2006-16AX

Cl. 1-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. 3-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 3-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 3-M-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. 3-M-2, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade

Cl. 3-B-1, Downgraded to Ca from B2

Cl. 3-B-2, Downgraded to Ca from Caa2

Cl. M-1, Downgraded to B3 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Caa1 from A3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Ca from Ba2

Cl. B-2, Downgraded to Ca from Ba3

Cl. B-3, Downgraded to Ca from B1

Morgan Stanley Mortgage Loan Trust 2006-17XS

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2-B, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-3-B, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-6, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Ba1 from Aa1

Cl. M-2, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Morgan Stanley Mortgage Loan Trust 2006-1AR

Cl. 1-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-3, Placed on Review for Possible Downgrade, currently Aa1

Cl. 1-A-X, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-M-X, Downgraded to Baa2 from Aa1

Cl. 1-M-1, Downgraded to Baa2 from Aa1

Cl. 1-M-2, Downgraded to B2 from Aa2

Cl. 1-M-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. 1-M-4, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. 1-M-5, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. 1-M-6, Downgraded to Ca from Ba1

Cl. 1-B-1, Downgraded to Ca from B2

Cl. 1-B-2, Downgraded to Ca from B3

Cl. 1-B-3, Downgraded to Ca from B3

Cl. 2-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 3-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 4-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 4-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 4-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. B-1, Downgraded to B2 from Aa2

Cl. B-2, Downgraded to Ca from Ba1

Cl. B-3, Downgraded to Ca from B3

Morgan Stanley Mortgage Loan Trust 2006-2

Cl. M-2, Downgraded to Baa3 from Aa3

Cl. M-3, Downgraded to B2 from A2

Cl. M-4, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Morgan Stanley Mortgage Loan Trust 2006-3AR

Cl. 1-M-1, Downgraded to A2 from Aa1

Cl. 1-M-2, Downgraded to Baa3 from Aa2

Cl. 1-M-3, Downgraded to Ba3 from Aa3

Cl. 1-M-4, Downgraded to B2 from A2

Cl. 1-M-5, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. 1-M-6, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. 1-M-7, Downgraded to Ca from Ba1

Cl. 1-M-8, Downgraded to Ca from B1

Cl. 1-M-9, Downgraded to Ca from B2

Cl. 1-B-1, Downgraded to Ca from B3

Cl. 2-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-4, Placed on Review for Possible Downgrade, currently Aa1

Cl. 3-A-2, Placed on Review for Possible Downgrade, currently Aa1

Cl. M-1, Downgraded to B1 from Aa2

Cl. M-2, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to Ca from Ba1

Cl. M-4, Downgraded to Ca from B1

Cl. M-5, Downgraded to Ca from B3

Cl. M-6, Downgraded to Ca from B3

Cl. B-1, Downgraded to Ca from Caa3

Morgan Stanley Mortgage Loan Trust 2006-5AR

Cl. A, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-X, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Ba1 from Aa1

Cl. M-2, Downgraded to B2 from Aa2

Cl. M-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Ca from Ba2

Cl. M-7, Downgraded to Ca from B2

Cl. M-8, Downgraded to Ca from B3

Cl. M-9, Downgraded to Ca from B3

Morgan Stanley Mortgage Loan Trust 2006-6AR

Cl. 1-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-M-1, Downgraded to B3 from Aa1; Placed Under Review for further Possible Downgrade

Cl. 1-M-2, Downgraded to Caa1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. 1-M-3, Downgraded to Caa1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. 1-M-4, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. 1-M-5, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade

Cl. 1-M-6, Downgraded to Ca from Ba3

Cl. 1-B-1, Downgraded to Ca from B3

Cl. 1-B-2, Downgraded to Ca from Caa3

Cl. 2-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 3-A-3, Placed on Review for Possible Downgrade, currently Aa1

Cl. 3-A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. 3-A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. 4-A-2, Placed on Review for Possible Downgrade, currently Aa1

Cl. 4-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. B-1, Downgraded to B3 from Aa2

Cl. B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to Ca from B2

Morgan Stanley Mortgage Loan Trust 2006-7

Cl. 5-M-1, Downgraded to B2 from Aa2

Cl. 5-M-2, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. 5-A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. 5-B-1, Downgraded to Ca from Ba2

Cl. B-1, Downgraded to A3 from Aa2

Cl. B-2, Downgraded to B3 from A2

Cl. B-3, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Morgan Stanley Mortgage Loan Trust 2006-8AR

Cl. 1-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-M-1, Downgraded to B3 from Aa1; Placed Under Review for further Possible Downgrade

Cl. 1-M-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. 1-M-3, Downgraded to Caa1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. 1-M-4, Downgraded to Caa1 from A3; Placed Under Review for further Possible Downgrade

Cl. 1-M-5, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. 1-M-6, Downgraded to Ca from Ba1

Cl. 1-B-1, Downgraded to Ca from Ba3

Cl. 1-B-2, Downgraded to Ca from B1

Cl. 1-B-3, Downgraded to Ca from Caa2

Cl. 2-A-2, Placed on Review for Possible Downgrade, currently Aa1

Cl. 3-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-B-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. II-B-2, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade

Cl. II-B-3, Downgraded to Ca from B3

Morgan Stanley Mortgage Loan Trust 2006-9AR

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-6, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B3 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to Caa1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to Caa1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Ca from Ba1

Cl. M-6, Downgraded to Ca from Ba2

Cl. B-1, Downgraded to Ca from B2

Cl. B-2, Downgraded to Ca from Caa1

Morgan Stanley Mortgage Loan Trust 2007-11AR

Cl. 1-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-6, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-7, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-8, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-X, Placed on Review for Possible Downgrade, currently Aaa

Cl. B-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to Ca from B3

Cl. B-3, Downgraded to Ca from Caa2

Cl. B-4, Downgraded to Ca from Caa3

Morgan Stanley Mortgage Loan Trust 2007-1XS

Cl. 1-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-4-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-4-B, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-4-C, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-6, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B2 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from A2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to Ca from Ba1

Cl. B-3, Downgraded to Ca from Ba3

Morgan Stanley Mortgage Loan Trust 2007-2AX

Cl. 1-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B3 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to Caa1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Ca from Ba1

Cl. M-6, Downgraded to Ca from Ba2

Cl. B-1, Downgraded to Ca from B1

Cl. B-2, Downgraded to Ca from B3

Cl. B-3, Downgraded to Ca from Caa3

Morgan Stanley Mortgage Loan Trust 2007-3XS

Cl. 1-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-2-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-2-B, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-3-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-3-B, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-1-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-1-B, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-2-SS, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-3-SS, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-4-SS, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-6, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-7-M, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B2 from Aa1

Cl. M-2, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from A2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to Ca from Ba1

Cl. B-3, Downgraded to Ca from Ba3

Morgan Stanley Mortgage Loan Trust 2007-5AX

Cl. 1-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Caa1 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to Caa1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to Caa1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Ca from Ba2

Cl. M-5, Downgraded to Ca from B3

Cl. M-6, Downgraded to Ca from Caa1

Cl. B-1, Downgraded to Ca from Caa3

Morgan Stanley Mortgage Loan Trust 2007-6XS

Cl. 1-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-2-M, Placed on Review for Possible Downgrade, currently Aaa

Cl. 1-A-3-M, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-1-M, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-6-M, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-7-M, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Baa2 from Aa1

Cl. M-2, Downgraded to B2 from Aa2

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B1 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to Ca from Ba1

Morgan Stanley Mortgage Loan Trust 2007-7AX

Cl. 2-A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to B3 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to Caa1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Ca from B1

Cl. M-5, Downgraded to Ca from B3

Cl. M-6, Downgraded to Ca from Caa1

Cl. B-1, Downgraded to Ca from Caa2

Cl. B-2, Downgraded to Ca from Caa3

Morgan Stanley Mortgage Loan Trust 2007-8XS

Cl. A-1-M, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Ba2 from Aa1

Cl. M-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B1 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Ca from Ba1

Cl. B-1, Downgraded to Ca from Ba2

Cl. B-2, Downgraded to Ca from Ba3

Cl. B-3, Downgraded to Ca from B3

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

PDF: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF128946

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF128948

For more information please see www.moodys.com.

New York
Amelia (Amy) Tobey
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

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