Summary: Societe Generale Municipal Securities Trust Receipts; Joint Criteria; Tender Option Certificates/Bonds Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services affirmed its ratings on various Societe Generale Municipal Securities Trust Receipts' series SGC issues, due to the extension of the expiration dates for the liquidity and/or letter of credit facilities provided by Societe Generale. SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure...

Companies mentioned in this report are: Municipal Elec Auth of Georgia,Societe Generale Muni Secs Tr Rcpts Ser SGC
Action: Affirmed

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.

Municipal Elec Auth of Georgia,Societe Generale Muni Secs Tr Rcpts Ser SGC

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