Fitch Ratings last Thursday took action on a number of municipal bonds with liquidity facilities provided by Morgan Stanley and Morgan Stanley Bank NA after downgrading the companies last week.

Fitch downgraded the long- and short-term issuer default ratings of Morgan Stanley to A/F1 from AA-/F1-plus and the ratings of Morgan Stanley Bank to A-plus/F1 from AA-minus/F1-plus. The short-term ratings on 21 municipal bond issues with liquidity facilities provided by the companies fell to F1 from F1-plus.

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