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Rating Action:

MOODY'S UPGRADES LONG-TERM DEBT RATINGS OF CITIGROUP, CITIBANK, SALOMON SMITH BARNEY, AND SUBSIDIARIES OF TRAVELERS LIFE INSURANCE. CITIGROUP SENIOR DEBT RATINGS RAISED TO Aa1 FROM Aa2.

11 Oct 2001
MOODY'S UPGRADES LONG-TERM DEBT RATINGS OF CITIGROUP, CITIBANK, SALOMON SMITH BARNEY, AND SUBSIDIARIES OF TRAVELERS LIFE INSURANCE. CITIGROUP SENIOR DEBT RATINGS RAISED TO Aa1 FROM Aa2.

New York, October 11, 2001 -- Moody's Investor Service today upgraded the ratings of Citigroup (long-term debt from Aa2 to Aa1) and Citibank (long-term deposits from Aa2 to Aa1). The long-term debt ratings of Citicorp and Salomon Smith Barney were also upgraded from Aa3 to Aa1. Additionally the insurance financial strength ratings of various Travelers insurance companies were raised from Aa3 to Aa1 (see separate press release). The long-term debt and insurance financial strength ratings of Travelers Property Casualty Corporation were confirmed at Aa3 and Aa2, respectively. These actions conclude a review commenced on July 19, 2001.

Moody's said that the upgrades reflect Citigroup's earnings diversification by business, customer, and geography. The company has strong global franchises in consumer banking, consumer finance, credit cards, insurance and wholesale banking. The combination of business strength and substantial diversification generates a steady stream of operating earnings to absorb cyclical changes in credit and insurance costs.

Moody's noted that all of Citigroup's major operating subsidiaries maintain sound financial fundamentals and generate good performance in their own right. Also, management continues to exploit Citigroup's expansive distribution platform to increase penetration of 146 million customer accounts around the world and generate economies of scale. As cross-marketing and business integration continues, Moody's said the credit risk of the various legal entities within Citigroup is converging, reducing the need for rating differentials across the group. Nonetheless, regulatory restrictions on intercompany cash flows remain a relevant factor in Moody's ongoing assessment of the credit risk of Citigroup's various legal entities.

The persistency of Citigroup's earnings was demonstrated most recently in the 3rd quarter of 2001, where Citigroup has announced that it will earn in excess of $3 billion despite the effects of the September 11 attacks. Management has moved quickly in many of its businesses to cut costs and defend profits as economic and market conditions have deteriorated during the year the rating agency noted.

Moody's said that Citibank has a unique liquidity profile reflecting the global diversification of its credit portfolio. Compared to very liquid domestic banks, Citibank has a relatively low proportion of insured deposits, which are particularly stable sources of funds. This challenge is mitigated by Citibank's long-standing presence, well-recognized brand, and deposit-gathering success in many international markets, as well as its proven ability to liquefy many assets on its balance sheet. In this way the bank maintains an acceptable liquidity profile.

As Citigroup digests its recent acquisitions, the liquidity of the holding company is improving and reliance on commercial paper is declining. Holding company liquidity is adequate for its rating category.

A substantial capital base and consistently strong capital ratios were an important factor behind the upgrades as well, the rating agency said.

The confirmation of the ratings of Travelers Property Casualty Corporation reflects Moody's belief that management faces more limited profitability, growth, and cross-marketing opportunities in the property and casualty business as compared with many of Citigroup's other businesses. Moody's noted that the ratings for Travelers P&C were raised to their current levels in October 2000.

The following lists the major rating changes:

Citigroup Inc. -- senior debt to Aa1 from Aa2; subordinated debt to Aa2 from Aa3

Various Citigroup Capital Trusts -- trust preferred share ratings to Aa2 from Aa3

Citicorp -- senior debt to Aa1 from Aa3; subordinated debt to Aa2 from A1; preferred stock to Aa3 from A2.

Citibank N.A. -- long term deposits to Aa1 from Aa2, financial strength rating to A- from B+;

Associates Corporation of North America and Citifinancial Credit Company -- long term debt to Aa1 from Aa3

Citibank (Nevada), N.A. -- long term deposits to Aa1 from Aa2, financial strength rating confirmed at B-;

Citibank (South Dakota), N.A. -- long term deposits to Aa1 from Aa2, bank financial strength confirmed at B-;

Salomon Smith Barney Holdings Inc. -- senior debt to Aa1 from Aa3; subordinated debt to Aa2 from A1;

Various SSBH and Target Capital Trusts - trust preferred share ratings to Aa2 from A1.

The Travelers Insurance Company -- insurance financial strength rating to Aa1 fromAa3;

The Travelers Life & Annuity Company -- insurance financial strength rating to Aa1 from Aa3;

Primerica Life Insurance Company. - insurance financial strength rating to Aa1 from Aa3.

All commercial paper and other short-term ratings were confirmed at Prime-1. The ratings of Travelers Property Casualty Corp were confirmed at Aa3 for senior debt and Aa2 for insurance financial strength.

Citigroup Inc. is a multinational financial institution headquartered in New York. The company earned $7.4 billion in net income for the first six months of 2001 and had total assets of $953 billion as of June 30, 2001.

New York
Gregory W. Bauer
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: (215) 967-6233
SUBSCRIBERS: (215) 967-6233

New York
Peter E. Nerby
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: (215) 967-6233
SUBSCRIBERS: (215) 967-6233

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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