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Rating Action:

Moody's takes action on Morgan Stanley

04 Dec 2007
Moody's takes action on Morgan Stanley

New York, December 04, 2007 -- Moody's Investors Service has downgraded twelve classes of certificates and has confirmed four classes of certificates from six deals issued by Morgan Stanley ABS Capital I Inc. Trust in 2004. The actions are based on the analysis of the credit enhancement provided by subordination, overcollateralization and excess spread relative to the expected loss. The transactions are backed by subprime, fixed and adjustable-rate mortgage loans.

Complete rating actions are as follows:

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-HE1

Class B-1, downgraded from Baa1 to Baa3;

Class B-2, downgraded from Baa2 to Ba2;

Class B-3, downgraded from Baa3 to B3;

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-HE2

Class B-3, downgraded from Baa3 to Ba2;

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-HE3

Class B-3, downgraded from Baa3 to B1;

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-HE4

Class M-1, current rating Aa2, confirmed;

Class M-3, downgraded from A3 to Baa1;

Class B-1, downgraded from Baa1 to Ba1;

Class B-2, downgraded from Baa2 to B2;

Class B-3, downgraded from Baa3 to Caa1;

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-HE5

Class. M-1, current rating Aa2, confirmed;

Class B-2, downgraded from Baa2 to Ba1;

Class B-3, downgraded from Baa3 to B1;

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-HE6

Class. M-1, current rating Aa1, confirmed;

Class. M-2, current rating Aa2, confirmed;

Class B-3, downgraded from Baa3 to Ba3.

For more information see www.Moodys.com

New York
Nicolas S. Weill
Managing Director - Chief Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Alda F. Sanchez
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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