Standard&Poor's Ratings Services lowered its ratings on Societe Generale Municipal Securities Trust Receipts' series 97 SG 104 and SG 105 to 'AA+ (sf)/A-1 (sf)' from 'AAA (sf)/A-1 (sf)', and removed them from CreditWatch with negative implications. This action follows Standard&Poor's downgrade of its rating on the underlying bonds to 'AA+' from 'AAA', and removal from CreditWatch with negative implications. The long-term component of the rating is based on the rating on the underlying bonds (CUSIP #: 796253RU8). The short-term component of the rating is based on the liquidity 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
