05.12.2012 18:40
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Moody's ABCP rating actions ending December 3, 2012

New York, December 05, 2012 -- MOODY'S PUBLISHES 4Q12 ABCP PROGRAM INDEXMoody's has published its ABCP Program Index with information through September 30, 2012. This report is published quarterly and can be found with Moody's other ABCP research products at www.moodys.com.

Moody's ABCP rating actions for the seven-day period ending December 3, 2012

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD NOVEMBER 27, 2012 THROUGH DECEMBER 3, 2012:

Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. The amendments, in and of themselves and at this time, will not result in any rating impact on the respective programs. For the mentioned programs, Moody's believes that the amendments do not have an adverse effect on the credit quality of the securities such that the Moody's ratings are impacted. Moody's does not express an opinion as to whether the amendment could have other, non-credit-related effects.

SYNDICATE OF ABCP CONDUITS AMEND EXISTING FUTURE FLOW SECURITIZATION FACILITY

A syndicate of banks has amended an existing future flow securitization facility. The collateral consists of certain assets, including future payment rights from the company's service business. The two material amendments include (i) increasing the facility size to $5.5 billion and (ii) amending certain concentration limits. The existing notes were repaid and two new notes were issued. The new facility includes a Class A Note for $4.825 billion, scheduled to be repaid by December 2017, and a Class B Note for $675million scheduled to be repaid by September 2013. This transaction is financed by six ABCP conduits and four non-conduit lenders.

The liquidity facility for each participating conduit is sized at 100% (plus all CP interest) or 102% of its respective commitment.

The following ABCP conduits participate in the facility:

o Credit Agricole'sAtlantic Asset Securitization LLC has a $400 million interest in the Class A Note and its program-level enhancement increased by 10% of purchase limits.

o Barclays Capital'sSheffield Receivables Corp. has a $500 million interest in the Class A Note and its program-level credit enhancement increased by 10% of this commitment level.

o Citibank's CAFCO, LLC and CIESCO, LLC have combined commitments of $500 million in the Class A Note. CIESCO and CAFCO's program-level credit enhancement increased by 8% of funded assets.

o The Bank of Nova Scotia'sLiberty Street has a $450 million interest in the Class A Note and its program-level credit enhancement increased by 10% of this commitment level.

o Lloyds's TSB Bank Plc'sCancara Asset Securitization Ltd has a $400 million interest in the Class A Note and its program-level credit enhancement is $850 million.

Four non-conduit lenders provide the remaining commitments.

SOCIETE GENERALE'S BARTON COMPLETES PROGRAM AMENDMENT

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program administered by Societe Generale ("SG," A2/Prime-1/C-), has amended its program structure to include the ability to issue puttable notes and puttable/callable notes. These notes are in addition to the existing callable notes.

While callable notes may be redeemed (in whole) at the option of Barton, the puttable notes may be redeemed (in whole or in part) at the option of the investors. In addition, Barton has the ability to issue puttable/callable notes, which are notes subject to both a call option and a put option. The puttable/callable notes may be redeemed (in whole), and the call option by Barton will take priority over the put option by the investor. The terms of the callable notes, puttable notes, and puttable/callable notes (collectively, "variable maturity notes") are reflected in the pricing supplement delivered to the investor. The variable maturity notes may be issued (i) at a discount, (ii) on an interest-bearing basis with a fixed-rate, or (iii) on an interest-bearing basis with a floating rate of interest based on LIBOR plus a spread.

Barton is a well diversified conduit with 32 individual transactions across 9 different asset categories. Barton has $6.3 billion of purchase commitments and its program-level credit enhancement remains at the $500 million floor.

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in May 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's monitors and analyzes ABCP programs on an ongoing basis. A detailed description of each program is published in the ABCP Program Review. Some ABCP programs have monthly updated performance information, which is published in the Performance Overviews. All publications are available on www.moodys.com.

Valerie Oliveri Associate Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Everett Rutan Senior Vice President Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

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17.09.2014Société Générale SA overweightJP Morgan Chase & Co.
10.09.2014Société Générale SA overweightJP Morgan Chase & Co.
08.09.2014Société Générale SA overweightMorgan Stanley
05.09.2014Société Générale SA buyUBS AG
03.09.2014Société Générale SA OutperformBernstein Research
17.09.2014Société Générale SA overweightJP Morgan Chase & Co.
10.09.2014Société Générale SA overweightJP Morgan Chase & Co.
08.09.2014Société Générale SA overweightMorgan Stanley
05.09.2014Société Générale SA buyUBS AG
03.09.2014Société Générale SA OutperformBernstein Research
13.08.2014Société Générale SA Equal weightBarclays Capital
24.07.2014Société Générale SA NeutralGoldman Sachs Group Inc.
17.06.2014Société Générale SA NeutralMacquarie Research
13.05.2014Société Générale SA NeutralGoldman Sachs Group Inc.
30.04.2014Société Générale SA NeutralGoldman Sachs Group Inc.
16.04.2014Société Générale SA SellJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
08.11.2013Société Générale verkaufenUBS AG
27.09.2013Société Générale verkaufenUBS AG
03.09.2013Société Générale verkaufenJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
02.08.2013Société Générale verkaufenUBS AG
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Société Générale SA nach folgenden Kriterien zu filtern.

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