The Societe Generale, New York, Municipal Securities Trust Receipts, Series 2003 SGB 45, Relating to California Educational Facilities Authority, Revenue Bonds (University of Southern California) 2003 Series A, is rated 'AA+/A-1+'. The long-term component of the rating is based on the underlying bonds. The short-term component of the rating is based on a liquidity facility provided by Societe Generale until May 13, 2004.