Standard&Poor's Ratings Services placed its ratings on Societe Generale Municipal Securities Trust Receipts' series 97 SG 104 and 105, relating to San Antonio's electricity and gas system revenue and refunding bonds series 1997, on CreditWatch with negative implications. This action follows Standard&Poor's July 15, 2011, placement of its rating on the underlying bonds on CreditWatch with negative implications. The long-term component of the rating is based on the rating on the underlying bonds (CUSIP #: 796253EP3). The short-term component of the rating is based on the liquidity facility provided by Societe Generale. USPF Criteria: Secondary Market Derivative Products, June 27, 2007
