Morgan Stanley: Credit Rating Report

Ratings

• Morgan Stanley

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  13-Jun-25	Long-Term Issuer Rating	AA (low)	Stb	Upgraded, Trend Change	US U E
  13-Jun-25	Short-Term Issuer Rating	R-1 (middle)	Stb	Trend Change, Confirmed	US U E
  13-Jun-25	Long-Term Senior Debt	AA (low)	Stb	Upgraded, Trend Change	US U E
  13-Jun-25	Short-Term Instruments	R-1 (middle)	Stb	Trend Change, Confirmed	US U E
  13-Jun-25	Subordinated Debt	A (high)	Stb	Upgraded, Trend Change	US U E
  13-Jun-25	Preferred Stock	A (low)	Stb	Upgraded, Trend Change	US U E

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• Morgan Stanley Canada Limited

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  13-Jun-25	Short-Term Instruments (Guaranteed by Morgan Stanley)	R-1 (middle)	Stb	Trend Change, Confirmed	US U E

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