TEXT-S&P cuts 2 Societe Generale-supported bond ratings

(The following statement was released by the rating agency)

Feb 7 - Standard & Poor's Ratings Services today lowered its ratings on two
bond issues supported by Societe Generale letters of credit (LOCs) to 'A/A-1'
from 'A+/A-1'. At the same time, we removed the ratings from CreditWatch with
negative implications, where we had placed them on Jan. 13, 2012 (see list).

The long- and short-term components of our ratings on the bonds are based on
our long- and short-term issuer credit ratings on Societe Generale ('A/A-1').
The long-term components of our ratings on the bonds address full and timely
payments of interest and principal when the bondholders have not exercised the
put option. The short-term components of our ratings address full and timely
payments of interest and principal when the bondholders have exercised the put
option.

Today's rating actions reflect the Jan. 23, 2012, lowering of our long-term
issuer credit rating on Societe Generale to 'A' from 'A+' and its removal from
CreditWatch negative, where we had placed it on Dec. 7, 2011.

Changes to our ratings on the bonds can result from, among other things,
changes to our ratings on the LOC provider, the expiration or termination of
the LOCs, or amendments to the transactions' terms.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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 Report included in this
credit rating report is available here

RATINGS LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE

Transaction CUSIP Rating

To From
Chicago O'Hare Intl Arpt
US$19.6 mil spl fac rev bnds var rate dem ser 1991 due 05/01/2018

167590BV9 A/A-1 A+/Watch Neg/A-1

Hempstead Indl Dev Agy
US$14.35 mil var rt dem tax exempt indl dev rev bnds ser 1998 due 09/15/2015

424045AE2 A/A-1 A+/Watch Neg/A-1

(Caryn Trokie, New York Ratings Unit)