Moody's takes action on Morgan Stanley ACES SPC Series 2005-5

(The following statement was released by the rating agency)

May 19 - Moody's Investors Service announced today that it
has placed on review for possible downgrade the ratings on the
following notes issued by Morgan Stanley ACES SPC Series 2005-5
Class Description: Notes Due July 7, 2014
Prior Rating: Aa2
Current Rating: Aa2, on review for possible downgrade
According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the structured finance
securities.