Summary: Societe Generale Muni Secs Pool 16, NY

Standard & Poors, June 2004

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The rating on Societe Generale Municipal Securities Trust Receipts Series 2004 SGP-16 has been raised to 'AA/A-1+' from 'AA-/A-1+'. The long-term component of the rating reflects the credit quality of the underlying assets deposited in the trust and pledged to certificate holders. The underlying assets consist of 13 municipal bond issues with long-term ratings of at least 'AA'. There is a sponsor advance feature under this program, however, the advance mechanism is optional not mandatory, and therefore does not cause the sponsor's long-term rating ('AA-') to become a dependent rating for the program. The short-term component of the rating is based on a liquidity facility provided by Societe Generale that expires on March 15, 2005. The liquidity facility provides coverage...

Companies mentioned in this report are: Societe Generale Muni Secs Tr Recpts Ser SG
Action: Affirmed

Societe Generale Muni Secs Tr Recpts Ser SG

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