--$55,000,000 student loan program revenue bonds 2008 series C-2, 'AAA/F1+';

--$15,000,000 student loan program revenue bonds 2008 series C-3, 'AAA/F1+'.

For more information, see the Rhode Island Student Loan Authority Student Loan Program Revenue Bonds, 2008 Series C presale report, available to all investors on Fitch's corporate site, www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

SOURCE: Fitch Ratings

Fitch Ratings, New York 
Melvin Zhou, 212-908-0503 
Andrea Murad, 212-908-0896 
or 
Media Relations: 
Sandro Scenga, 212-908-0278 
Email: sandro.scenga@fitchratings.com

The TLGP gives JPMC additional funding flexibility to raise cash for general corporate purposes. Issuances under the program will complement the company's traditional sources of liquidity, including senior, subordinate and hybrid debt, as well as JPMC's large deposit base.

Fitch assigns the following ratings to FDIC's TLGP debt issued by JPMC:

--Long-term FDIC guaranteed debt 'AAA';

--Short-term FDIC guaranteed debt 'F1+'.

Issuances by JPMC and its subsidiaries that are not covered by the TLGP will continue to bear the relevant ratings currently assigned by Fitch.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

SOURCE: Fitch Ratings

Fitch Ratings, New York 
Leslie Bright, 212-908-0622 
Sharon Haas, 212-908-0362 
or 
Media Relations: 
Tyrene Frederick-Mack, 212-908-0540 
Email: tyrene.frederick-mack@fitchratings.com

--CIESCO, LLC;

--APRECO, LLC;

--CRC Funding, LLC;

--Govco, LLC.

These rating actions follow Fitch's affirmation and removal from Rating Watch Negative of Citibank N.A.'s 'F1+' short-term Issuer Default Rating. More information is available in Fitch's Nov. 24 press release: 'Fitch: Citigroup's Rating Outlook now Stable After Downgrade to 'A+'.

CAFCO, LLC, CIESCO, LLC, APRECO, LLC, CRC Funding, LLC are multi-seller programs that benefit from program wide credit enhancement and liquidity coverage maintained at a minimum of 100% of commercial paper outstanding. Govco, LLC is fully supported by transaction specific liquidity agreements provided by Citibank and the transactions are fully guaranteed or otherwise credit-enhanced by 'AAA' government guaranteed assets.

Fitch has also removed the Rating Watch Negative of Corporate Australasian Securitisation Transactions Pty Ltd.'s and Corporate Asset Securitization Australia Limited Inc.'s ABCP and affirmed the 'F1+' ratings. Please see the press release 'Fitch Affirms CAST/CASAL ABCP Conduit at 'F1+'; Removes from Watch Negative' dated Nov. 25, 208.

Additional information on CAFCO, CIESCO, CRC, APRECO or GOVCO is also available at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

SOURCE: Fitch Ratings

Fitch Ratings, New York 
Michael Dean, 212-908-0556 
Darryl Osojnak, 212-908-0606 
Aniello Forcellati, 212-908-0747 
or 
Media Relations: 
Sandro Scenga, 212-908-0278 
Email: sandro.scenga@fitchratings.com

Fitch also expects to assign ratings of 'AAA/F1+' to the senior debt issued by Morgan Stanley under the FDIC Temporary Liquidity Guarantee Program (TLGP). Morgan Stanley is currently in the market with several issues that will comply with the FDIC program.

The TLGP represents one of the key programs put forth by the U.S. government to help restore stability to credit markets and funding for the domestic banking industry. The final rule approved Nov. 21, 2008 reflects key enhancements and revisions made to the program. These debt obligations carry the full faith and credit of the U.S. government. The guarantee is expected to provide an effective mechanism to provide timely and full repayment in the event of non-payment on the part of the original issuing entity.

Fitch affirms Morgan Stanley's debt ratings and revises its Rating Outlook to Stable from Negative as follows:

Morgan Stanley

--Long-term Issuer Default Rating (IDR) at 'A';

--Long-term Senior Debt at 'A';

--Subordinated Debt at 'A-';

--Preferred Debt at 'BBB+';

--Short-term IDR at 'F1';

--Short-term Debt at 'F1';

--Individual at 'B/C';

--Support at '5';

--Support Floor at 'NF'.

Morgan Stanley Bank N.A.

--Long-term IDR at 'A+';

--Long-term Deposits at 'AA-';

--Short-term IDR at 'F1';

--Short-term Deposits at 'F1+';

--Individual at 'B/C';

--Support at '1'.

Morgan Stanley Australia Finance Ltd

--Long-term IDR at 'A';

--Long-term Senior Debt at 'A';

--Short-term IDR at 'F1';

--Short-term Debt at 'F1'.

Morgan Stanley Canada Ltd

--Short-term IDR at 'F1';

--Short-term Debt at 'F1'.

Morgan Stanley International Finance SA

--Short-term Debt at 'F1'.

Bank Morgan Stanley AG

--Long-term IDR at 'A+';

--Short-term IDR at 'F1';

--Individual at 'B/C';

--Support at '1'.

Morgan Stanley Capital Trust II-VIII

--Preferred Debt at 'BBB+'.

Morgan Stanley Capital Securities A, B, C

--Preferred Debt at 'BBB+'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

SOURCE: Fitch Ratings

Fitch Ratings 
Eileen Fahey, 312-368-5468, Chicago 
Leslie Bright, 212-908-0622, New York 
or 
Media Relations: 
Tyrene Frederick-Mack, 212-908-0540, New York 
Email: tyrene.frederick-mack@fitchratings.com