NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned 'A/F1' long- and short-term debt ratings to the US$5 billion Collateralized Funding Programme (Programme) of Morgan Stanley Secured Financing LLC. These ratings are based entirely on the ratings of parent guarantor Morgan Stanley. Morgan Stanley irrevocably and unconditionally guarantees the due and punctual payment of amounts payable under the Programme notes. Fitch has given no consideration to any/all collateral provided, as Fitch has not evaluated, nor does it expect to review, the collateral policy or collateral assets backing the Programme. It is Fitch's view that the guaranteed Programme obligations rank pari passu with senior, unsecured obligations of the guarantor.
Programme notes are issued in bearer form, secured by collateral assets. BNY Corporate Trustee Services Limited is the trustee. The notes will be offered, sold and delivered outside of the United States to Eligible Purchasers (i.e. non-U.S. persons as defined in Regulation S).
Fitch advises that the ratings are assigned to the Programme and not to the notes issued under the Programme, although individual notes issued under the Programme may be rated. However, there is no assurance that every note issued under the Programme will be assigned a rating, or that the rating assigned to a specific issue under the Programme will have the same rating as the rating assigned to the Programme.
Morgan Stanley is a global financial services firm that provides products and services in three business segments: Institutional Securities, Global Wealth Management, and Asset Management. The company became a financial holding company in September 2008 and is now regulated by the U.S. Federal Reserve System. Morgan Stanley Secured Financing LLC is a wholly owned subsidiary
of Morgan Stanley; this limited liability corporation is incorporated in Delaware.
Fitch has assigned the following ratings:
Morgan Stanley Secured Financing LLC
--Long-term Senior Debt 'A';
--Short-term Debt 'F1'.
Additional information is available at www.fitchratings.com
Related Research:
--'Global Financial Institutions Rating Criteria' (Aug. 16, 2010);
--'Rating Criteria for Securities Firms' (Dec. 30, 2009).
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547685
Rating Criteria For Securities Firms - Financial Institutions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=493276
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