Correction: Fitch Assigns Final Ratings to MSC 2007-SRR3.

NEW YORK -- This is a correction for a previous message. It corrects SPGS SPC's portfolio size in the second paragraph.

Fitch assigns the following ratings to SPGS SPC's variable floating-rate notes, acting for the account of MSC 2007-SRR3 Segregated Portfolio (all notes maturing December 2049):

-- $28,110,000 class A 'AAA'

-- $14,055,000 class B 'AA+';

-- $14,055,000 class C 'AA';

-- $14,055,000 class D 'AA-';

-- $14,055,000 class E 'A+';

-- $14,055,000 class F 'A';

-- $10,541,250 class G 'A-';

-- $10,541,250 class H 'BBB+';

-- $10,541,250 class J 'BBB';

-- $10,541,250 class K 'BBB-';

-- $15,854,040 class L 'BBB-';

-- $9,491,810 class M 'BB+';

-- $4,000,990 class N 'BB';

-- $3,007,770 class O 'BB-';

-- $3,495,010 class P 'B+';

-- $2,501,790 class Q 'B';

-- $1,499,200 class R 'B-'.

SPGS SPC, acting for the account of MSC 2007-SRR3 Segregated Portfolio (MSC) incorporated under the laws of the Cayman Islands, is a static synthetic collateralized debt obligation (CDO) transaction that references a $937 million portfolio. The portfolio consists of 62 separately rated commercial mortgage-backed security (CMBS) bonds. The transaction is designed to provide credit protection for realized losses on a reference portfolio through a credit default swap (CDS) between MSC and the swap counterparty, Morgan Stanley Capital Services Inc. (MSCS). The legal maturity date of the CDS is 2049. The securities are rated to the timely payment of interest and the ultimate repayment of principal on the maturity date.

Proceeds from the issuance of the securities are invested in a pool of eligible investments, which are protected through the total return swap agreement (TRS) between MSC and MSCS, the TRS counterparty. The payment obligations of the TRS counterparty are guaranteed by Morgan Stanley, the swap counterparty guarantor. Under the TRS agreement, MSCS will make periodic interest payments to MSC and pay any depreciation in market value with respect to eligible collateral upon its disposition to MSC. MSC will then pay MSCS all the interest and similar amounts payable with respect to the eligible collateral. In addition, MSC will pay to MSCS any appreciation in market value of the eligible collateral upon its disposition.

The ratings are based on the credit quality of the reference portfolio, the credit enhancement provided by subordination for each tranche, the strength of the counterparties, and the transaction's sound financial and legal structures. For more information, please see the new issue report titled 'MSC 2007-SRR3', available on the Derivative Fitch web site at www.derivativefitch.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.derivativefitch.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. Fitch means Fitch, Inc., Fitch Ratings, Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto.