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Rating Action:

Correction to text, February 27, 2009 Release: Moody's lowers Citigroup's long-term ratings (snr A3); affirms Prime-1

04 Mar 2009

Preferred Stock rating falls to Ca from Baa3

New York, March 04, 2009 -- Adjusts the rating of Egg Banking plc's GBP 250,000,000 7.5% Perpetual Upper Tier II Callable Notes (ISIN XS0167817898) to Ba1. The outlook on this note is negative. Revised release follows.

Moody's Investors Service lowered the senior debt ratings of Citigroup Inc. to A3 from A2, the senior subordinated debt to Baa1 from A3, the junior subordinated debt to Baa3 from A3 with a negative outlook (issued by various Citigroup Capital Trust vehicles), and the preferred debt ratings to Ca from Baa3. The short-term rating at Citigroup Inc. was confirmed at Prime-1.

Citibank N.A.'s rating for deposits was lowered to A1 from Aa3, and its Prime-1 short-term rating was affirmed. The Citibank's bank financial strength rating (BFSR) was confirmed at C- with a negative outlook, while its baseline credit assessment was lowered to Baa2 from Baa1.

All ratings have a stable outlook except for Citibank's bank financial strength rating and Citigroup's junior subordinated debt rating. These actions conclude a review that commenced on December 18th, 2008.

These actions had no impact on the FDIC-guaranteed debt issued by Citigroup. That debt remains rated Aaa with a stable outlook.

The downgrade of the senior and subordinated ratings is driven by Moody's expectation that, the current level of government support notwithstanding, Citigroup will emerge from the current economic crisis with a different mix of core businesses and a smaller scale, which could diminish its relative importance to the US banking system over the long run. The confirmation of the BFSR reflects the fact that the recapitalization announced today and the government's Eligible Asset guarantee better position the company to face a number of near-term financial and operational pressures.

The multi-notch downgrade of the preferred stock rating incorporates the expected loss resulting from the deferral of dividends on these non-cumulative instruments, which Moody's believe could last for several years.

The rating actions follow an announcement by Citigroup that it is embarking on a major capital initiative. Investors in Citigroup junior-subordinated (TRUP) securities and preferred stock will have the option to exchange their securities into Citigroup authorized common stock. In addition, the U.S. government will exchange up to $25 billion of its preferred securities into common stock on a one-to-one ratio based on the level of non-government participation in the exchange. The U.S. government will exchange its remaining preferred securities into a new trust preferred securities. Depending upon the participation rate in the exchange, holders in junior subordinated debt (TRUPS and ETRUPS) may also be eligible to participate.

Citigroup also announced that it will suspend dividends on its preferred securities and eliminate its remaining common dividend while it will continue to pay distributions on its junior-subordinated securities.

Citigroup believes that its tangible common equity could rise to as much as $81 billion as a result of the recapitalization.

Capital injection supports C- BFSR

The confirmation of Citigroup's C- BFSR incorporates the prospect that Citigroup's larger capital base puts it in a better position to deal with a number of asset quality, financial and operational challenges.

Citigroup's BFSR of C- takes into account the further financial benefits that have been provided by the U.S. government. These include the expected sizable increase in tangible equity resulting in high Tier 1 and adjusted tangible common equity ratios. Prior to this recapitalization, Citigroup's adjusted tangible equity ratios were modest.

A further benefit of the exchange for depositors and senior creditors is that Citigroup will not being paying preferred dividends, which were a substantial drag on internal capital generation.

Citigroup's BFSR also incorporates the benefit of the U.S government's Eligible Asset Guarantee (EAG) program, which covers $306 billion of Citigroup's assets, consisting mostly of loans and securities backed primarily by residential and commercial real estate. These assets will remain on Citigroup's balance sheet. Citigroup will absorb pre-tax losses of up to $39 billion netted down to approximately $29 billion when one takes into account $10 billion of existing reserves. Any losses in excess of that amount will be shared by the U.S. government (90%) and Citigroup (10%).

The expected increase in common equity improves Citigroup's ability to absorb its EAG-related first-loss position and maintain relatively high capital ratios. Importantly, the EAG program protects Citigroup from catastrophic losses.

Moody's estimated that if all anticipated looses were to be taken during the course of 2009, Citigroup's adjusted tangible common equity ratio would remain near 10%, and that even under a more stressful scenario, the ratio would remain above 9%, thanks in part to the EAG program.

Moody's maintained its BFSR of C- on Citigroup despite its high pro forma capital ratios for the following main reasons. First, core earnings prospects remain poor because Citigroup will need to take sizable credit losses in response to a global recession. This is likely to result in Citigroup utilizing a high proportion of its first-loss position in its EAG program. In addition, earnings are likely to be negatively impacted by credit costs not covered by the program, such as its global credit card portfolios.

Second, Citigroup has a sizable deferred-tax asset, which on a net basis totals $44.4 billion at year-end 2008. Poor earnings prospects in 2009 following sizable losses in 2008 increase the possibility that a reserve against this asset could be taken, reducing its tangible common equity.

Third, regarding franchise, Citigroup intends to focus on global cash management, securities servicing and global investment banking coupled with certain consumer businesses globally, in particular credit cards and deposit taking. Although such emphasis will be leveraging off historical strengths, it is a business mix that has led to periods where excessive credit risk has resulted from efforts to obtain earnings growth.

The C- BFSR with a negative outlook also reflects the uncertainty introduced by substantial US Government ownership. This includes greater uncertainty with regard to future business mix, as well as capital and credit allocation decisions.

Debt, deposit ratings balance near-term support with changing profile

Commenting on the A1 deposit rating, Moody's said that the U.S. government actions on Citigroup help to confirm Moody's assumption that Citigroup has a very high level of systemic support during the credit crisis. The long-term debt and deposit ratings also reflect that systemic support may lessen in the long term as Citibank's business changes in the coming years, especially as the U.S. government seeks to sell its ownership.

Commenting on the A3 long-term and Prime-1 short-term rating configuration at Citigroup Inc., Moody's said that, in most cases, an A3 long-term rating results in a Prime-2 short-term rating.

"We believe the Prime-1 rating is appropriate because under conditions of strong systemic support, short-term ratings are the most predictable and assurance of payment of short-term obligations is the highest," explained Moody's Senior Vice President Sean Jones.

These rating actions are consistent with Moody's recent announcement that it is making some recalibration of the relative importance attached to certain rating factors within its current bank rating methodologies. (Please see Moody's special comment "Calibrating Bank Ratings in the Context of the Global Financial Crisis")

Widening downward notching for junior subordinated debt ratings

Moody's lowered the junior-subordinated debt ratings of Citigroup to Baa3 from A3. Moody's said that the cumulative nature of the interest on such instruments reduces the incentive to defer on interest, especially with the anticipation that Citigroup's equity will increase significantly, thus improving its financial stability. Nevertheless, if there is an unexpected need for further government support, the risk of deferred payment on these instruments, as well as the risk of a further potential restructuring, warrants additional notches on the ratings of these instruments.

Previous rating action and principal methodologies

Moody's last rating action was on January 16th, 2009 when it lowered Citibank N.A.'s BFSR to C- from C and Citigroup Inc.'s preferred rating to Baa3 from Baa2. Also, all ratings of Citigroup were placed on review for possible downgrade except for the Prime-1 rating at Citibank N.A.

The principal methodologies used in rating this issuer were "Bank Financial Strength Ratings: Global Methodology" (February 2007) and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Citigroup is headquartered in New York City and its reported consolidated assets are $1.9 trillion.

Rating actions taken are listed below.

Downgrades:

..Issuer: Associates Corporation of North America

....Issuer Rating, Downgraded to A3 from A2

....Subordinate Regular Bond/Debenture, Downgraded to Baa1 from A3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: Associates First Capital Corporation

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: CGMH Capital II

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: CGMH Capital III

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: CGMH Capital IV

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: CitiFinancial Credit Company

....Issuer Rating, Downgraded to A3 from A2

....Junior Subordinated Shelf, Downgraded to (P)Baa3 from (P)A3

....Senior Unsecured Medium-Term Note Program, Downgraded to A3 from A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Shelf, Downgraded to (P)A3 from (P)A2

..Issuer: CitiFinancial Europe PLC

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Baa1 to A3 from a range of A3 to A2

..Issuer: Citibank (South Dakota), N.A.

....Issuer Rating, Downgraded to A1 from Aa3

....OSO Senior Unsecured OSO Rating, Downgraded to A1 from Aa3

....Senior Unsecured Deposit Rating, Downgraded to A1 from Aa3

..Issuer: Citibank Europe plc

....Senior Unsecured Deposit Rating, Downgraded to A2 from A1

..Issuer: Citibank International Plc

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A3 to A2 from a range of A2 to A1

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from A1

....Senior Unsecured Deposit Rating, Downgraded to A2 from A1

..Issuer: Citibank, N.A.

....Issuer Rating, Downgraded to A1 from Aa3

....OSO Senior Unsecured OSO Rating, Downgraded to A1 from Aa3

....Senior Unsecured Deposit Note/Takedown, Downgraded to A1 from Aa3

....Senior Unsecured Medium-Term Note Program, Downgraded to a range of (P)A1 to A1 from a range of (P)Aa3 to Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Deposit Rating, Downgraded to A1 from Aa3

..Issuer: Citibank, N.A. (Auckland Branch)

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

..Issuer: Citibank, N.A. (London Branch)

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

..Issuer: Citibank, N.A. (Sydney Branch)

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

..Issuer: Citicorp

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Baa1 to A3 from a range of A3 to A2

....Multiple Seniority Shelf, Downgraded to a range of (P)Ca to (P)A3 from a range of (P)Baa3 to (P)A2

....Preferred Stock Preferred Stock, Downgraded to Ca from Baa3

....Subordinate Medium-Term Note Program, Downgraded to Baa1 from A3

....Subordinate Regular Bond/Debenture, Downgraded to Baa1 from A3

....Senior Unsecured Medium-Term Note Program, Downgraded to A3 from A2

..Issuer: Citicorp Capital I

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital I

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Capital II

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Capital III

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Capital IV

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital IX

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital V

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital VI

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital VII

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital VIII

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital X

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital XI

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital XII

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital XIII

....Preferred Stock Shelf, Downgraded to (P)Baa3 from (P)A3

..Issuer: Citigroup Capital XIV

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Capital XIX

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Capital XV

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Capital XVI

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Capital XVII

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Capital XVIII

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Capital XX

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Capital XXI

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Citigroup Finance Canada Inc

....Senior Unsecured Medium-Term Note Program, Downgraded to A3 from A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: Citigroup Funding, Inc.

....Issuer Rating, Downgraded to A3 from A2

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Baa1 to A3 from a range of A3 to A2

....Multiple Seniority Shelf, Downgraded to a range of (P)Baa1 to (P)A3 from a range of (P)A3 to (P)A2

....Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Medium-Term Note Program, Downgraded to A3 from A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: Citigroup Global Markets Holdings Inc.

....Issuer Rating, Downgraded to A3 from A2

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Baa1 to A3 from a range of A3 to A2

....Multiple Seniority Shelf, Downgraded to a range of (P)Baa1 to (P)A3 from a range of (P)A3 to (P)A2

....Preferred Stock Preferred Stock, Downgraded to Ca from Baa3

....Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Medium-Term Note Program, Downgraded to A3 from A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Shelf, Downgraded to (P)A3 from (P)A2

..Issuer: Citigroup Global Mkts Deutsch. AG&Co

....Senior Unsecured Deposit Rating, Downgraded to A2 from A1

..Issuer: Citigroup Inc.

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Baa1 to A3 from a range of A3 to A2

....Multiple Seniority Shelf, Downgraded to a range of (P)Ca to (P)A3 from a range of (P)Baa3 to (P)A2

....Preferred Stock Preferred Stock, Downgraded to Ca from Baa3

....Subordinate Regular Bond/Debenture, Downgraded to Baa1 from A3

....Senior Unsecured Medium-Term Note Program, Downgraded to A3 from A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: Egg Banking Plc

....Junior Subordinated Regular Bond/Debenture, Downgraded to Ba1 from Baa3

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Baa1 to A3 from a range of A3 to A2

....Subordinate Regular Bond/Debenture, Downgraded to Baa1 from A3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: SI Financing Trust I

....Preferred Stock Preferred Stock, Downgraded to Baa3 from A3

..Issuer: Source One Mortgage Services Corporation

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

..Issuer: Washington Mutual Finance Corp.

....Senior Unsecured Regular Bond/Debenture, Downgraded to A3 from A2

Outlook Actions:

..Issuer: Associates Corporation of North America

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Associates First Capital Corporation

....Outlook, Changed To Stable From Rating Under Review

..Issuer: CGMH Capital II

....Outlook, Changed To Negative From Rating Under Review

..Issuer: CGMH Capital III

....Outlook, Changed To Negative From Rating Under Review

..Issuer: CGMH Capital IV

....Outlook, Changed To Negative From Rating Under Review

..Issuer: CitiFinancial Credit Company

....Outlook, Changed To Stable(m) From Rating Under Review

..Issuer: CitiFinancial Europe PLC

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Citibank Europe plc

....Outlook, Changed To Stable(m) From Rating Under Review

..Issuer: Citibank International Plc

....Outlook, Changed To Stable(m) From Rating Under Review

..Issuer: Citibank, N.A.

....Outlook, Changed To Stable(m) From Rating Under Review

..Issuer: Citibank, N.A. (Auckland Branch)

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Citibank, N.A. (London Branch)

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Citibank, N.A. (Sydney Branch)

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Citicorp

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Citicorp Capital I

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital I

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital II

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital III

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital IV

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital IX

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital V

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital VI

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital VII

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital VIII

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital X

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XI

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XII

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XIII

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XIV

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XIX

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XV

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XVI

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XVII

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XVIII

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XX

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Capital XXI

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Citigroup Finance Canada Inc

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Citigroup Funding, Inc.

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Citigroup Global Markets Holdings Inc.

....Outlook, Changed To Stable(m) From Rating Under Review

..Issuer: Citigroup Global Markets Inc.

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Citigroup Global Mkts Deutsch. AG&Co

....Outlook, Changed To Stable(m) From Rating Under Review

..Issuer: Citigroup Inc.

....Outlook, Changed To Stable(m) From Rating Under Review

..Issuer: Egg Banking Plc

....Outlook, Changed To Stable(m) From Rating Under Review

..Issuer: SI Financing Trust I

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Source One Mortgage Services Corporation

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Washington Mutual Finance Corp.

....Outlook, Changed To Stable From Rating Under Review

Confirmations:

..Issuer: CitiFinancial Europe PLC

....Multiple Seniority Medium-Term Note Program, Confirmed at P-1

..Issuer: Citibank Europe plc

....Bank Financial Strength Rating, Confirmed at C-

..Issuer: Citibank International Plc

....Bank Financial Strength Rating, Confirmed at C-

..Issuer: Citibank, N.A.

....Bank Financial Strength Rating, Confirmed at C-

..Issuer: Citigroup Funding, Inc.

....Issuer Rating, Confirmed at P-1

....Senior Unsecured Commercial Paper, Confirmed at P-1

..Issuer: Citigroup Global Markets Holdings Inc.

....Multiple Seniority Medium-Term Note Program, Confirmed at P-1

..Issuer: Citigroup Global Markets Inc.

....Commercial Paper, Confirmed at P-1

..Issuer: Citigroup Global Mkts Deutsch. AG&Co

....Bank Financial Strength Rating, Confirmed at C-

..Issuer: Citigroup Inc.

....Commercial Paper, Confirmed at P-1

....Multiple Seniority Medium-Term Note Program, Confirmed at P-1

New York
Sean Jones
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Young
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Correction to text, February 27, 2009 Release: Moody's lowers Citigroup's long-term ratings (snr A3); affirms Prime-1
No Related Data.
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CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

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 or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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

Moody’s Investors Service, Inc., 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 Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. 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 “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). 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. MOODY’S credit rating is an opinion as to the creditworthiness of 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.

Additional terms for Japan only: Moody's Japan K.K. (“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. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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