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Announcement:

Moody's Disclosures on Credit Rating of Citigroup Inc.

18 May 2012

New York, May 18, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on Citigroup Inc. and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for Citigroup Inc.

Moody's current ratings on Citigroup Inc. and its affiliates are:

Senior Unsecured (domestic currency) ratings of A3, on review for downgrade

Senior Unsecured (foreign currency) ratings of A3/(P)A3, on review for downgrade

Senior Unsecured MTN Program (domestic currency) ratings of (P)A3, on review for downgrade

Subordinate (domestic and foreign currency) ratings of Baa1, on review for downgrade

Subordinate MTN Program (domestic currency) ratings of (P)Baa1, on review for downgrade

Junior Subordinate (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Preferred Stock Non-cumulative (domestic currency) ratings of Ba2, on review for downgrade (hyb)

Senior Unsecured Shelf (domestic currency) ratings of (P)A3, on review for downgrade

Subordinate Shelf (domestic currency) ratings of (P)Baa1, on review for downgrade

Junior Subordinate Shelf (domestic currency) ratings of (P)Baa3, on review for downgrade

Preferred Shelf (domestic currency) ratings of (P)Ba1, on review for downgrade

Preferred shelf -- PS2 (domestic currency) ratings of (P)Ba2, on review for downgrade

Commercial Paper (domestic currency) ratings of P-2

Other Short Term (domestic and foreign currency) ratings of (P)P-2

Citibank, N.A.

Long Term Issuer rating of A1, on review for downgrade

Senior Unsecured MTN Program (domestic currency) ratings of (P)A1, on review for downgrade

Long Term Bank Deposits (domestic currency) ratings of A1, on review for downgrade

Long Term Deposit Note/CD Program (domestic currency) ratings of A1, on review for downgrade

Long Term Other Senior Obligations ratings of A1, on review for downgrade

Bank Financial Strength ratings of C-, on review for downgrade

Short Term Bank Deposits (domestic currency) ratings of P-1, on review for downgrade

Other Short Term (domestic currency) ratings of (P)P-1, on review for downgrade

Short Term Other Senior Obligations ratings of P-1, on review for downgrade

BACKED Senior Unsecured (domestic currency) ratings of Aaa

Associates Corporation of North America

Long Term Issuer rating of A3, on review for downgrade

Senior Unsecured (domestic currency) ratings of A3, on review for downgrade

Citibank International Plc

Senior Unsecured (domestic and foreign currency) ratings of A2,on review for downgrade

Senior Unsecured MTN Program (domestic and foreign currency) ratings of (P)A2, on review for downgrade

Long Term Bank Deposits (foreign currency) ratings of A2, on review for downgrade

Bank Financial Strength ratings of C-, on review for downgrade

Subordinate MTN Program (foreign currency) ratings of (P)A3, on review for downgrade

Short Term Bank Deposits (foreign currency) ratings of P-1, on review for downgrade

Other Short Term (domestic and foreign currency) ratings of (P)P-1, on review for downgrade

Citibank, N.A. (London Branch)

Senior Unsecured (foreign currency) ratings of A1, on review for downgrade

Senior Unsecured MTN Program (foreign currency) ratings of (P)A1, on review for downgrade

Other Short Term (foreign currency) ratings of (P)P-1, on review for downgrade

Citicorp

Subordinate (domestic currency) ratings of Baa1, on review for downgrade

BACKED Subordinate (domestic currency) ratings of Baa1, on review for downgrade

CitiFinancial Credit Company

Long Term Issuer rating of A3, on review for downgrade

Senior Unsecured (domestic currency) ratings of A3, on review for downgrade

Citigroup Finance Canada Inc

BACKED Senior Unsecured (domestic currency) ratings of A3, on review for downgrade

BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)A3, on review for downgrade

Citigroup Funding, Inc.

Long Term Issuer (domestic currency) rating of A3, on review for downgrade

Senior Unsecured (domestic currency) ratings of A3, on review for downgrade

Short Term Issuer (domestic currency) rating of P-2

BACKED Senior Unsecured (domestic currency) ratings of Aaa/(P)A3

BACKED Senior Unsecured (foreign currency) ratings of A3/(P)A3, on review for downgrade

BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)A3, on review for downgrade

BACKED Subordinate MTN Program (domestic currency) ratings of (P)Baa1, on review for downgrade

BACKED Commercial Paper (domestic currency) ratings of P-2

Citigroup Global Markets Holdings Inc.

Long Term Issuer rating of A3, on review for downgrade

Senior Unsecured (domestic and foreign currency) ratings of A3, on review for downgrade

BACKED Senior Unsecured (domestic currency) ratings of A3, on review for downgrade

Citigroup Global Markets Inc.

BACKED Senior Secured (domestic and foreign currency) ratings of A3, on review for downgrade

BACKED Senior Secured MTN Program (domestic currency) ratings of (P)A3, on review for downgrade

Egg Banking Plc

BACKED Subordinate (domestic currency) ratings of Baa1, on review for downgrade

BACKED Junior Subordinate (domestic currency) ratings of Ba1, on review for downgrade (hyb)

Source One Mortgage Services Corporation

Senior Unsecured (domestic currency) ratings of A3, on review for downgrade

Citigroup Capital III

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital VII

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3, on review for downgrade

Citigroup Capital VIII

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3, on review for downgrade

Citigroup Capital IX

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3, on review for downgrade

Citigroup Capital X

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3, on review for downgrade

Citigroup Capital XI

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital XII

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital XIII

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa3, on review for downgrade

Citigroup Capital XIV

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital XV

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital XVI

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital XVII

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital XVIII

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital XIX

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital XX

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital XXI

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

Citigroup Capital XXXI

BACKED Preferred Stock (domestic currency) ratings of Baa3, on review for downgrade (hyb)

RECENT CREDIT DEVELOPMENTS

Citibank's Ratings (A1 for Deposits) are Under Review for Possible Downgrade, including its Prime-1.

Citigroup Inc's Long-Term Ratings (A3 for Senior Debt) are Under Review for Possible Downgrade. Citigroup Inc's Prime-2 Rating was Affirmed.

On February 15th, 2012, we placed long-term and short-term ratings of Citibank N.A. on review for possible downgrade. We also placed the long-term ratings of Citigroup Inc and the entities that it guarantees (including Citigroup Funding Inc) under review for possible downgrade. The Prime-2 short-term rating at the holding company was affirmed. The review was prompted by the risks presented to Citigroup's bondholders by its capital-market activities. Citigroup's reappraisal was part of a major review affecting 16 other major global capital-market firms. For further detail please see the Moody's report titled, "Challenges For Firms With Global Capital Market Operations: Moody's Rating Reviews and Rationale," published in February 15th, 2012.

FOCUS OF THE REVIEW

During the review, we will consider the structural vulnerabilities in the business models of global investment banks, which include the confidence-sensitivity of customers and funding counterparties, risk management and governance challenges, as well as a high degree of interconnectedness and opacity. In addition, rapidly-changing risk positions expose these firms to unexpected losses that can overwhelm the resources of even the largest, most diversified groups. Such challenges caused several issuers to fail or to avoid failure only upon the receipt of external support during the 2008 financial crisis.

Additional challenges have also emerged for banks with significant capital markets activities. These challenges include more fragile funding conditions, wider credit spreads, increased regulatory burdens and a very challenging macroeconomic and market environment. Some of these risks have been mitigated in part by changes to business models as well as higher regulatory capital and liquidity requirements, but they have not been eliminated. Furthermore these adverse trends have placed acute pressure on profitability and increased the scope of restructuring of core business activities required by many firms to generate equity returns expected by shareholders.

The combination of changed operating conditions and increased regulatory requirements and restrictions has diminished longer-term profitability and growth prospects. While we had initially expected standalone credit profiles to recover once the acute phase of the crisis passed, we now view these challenges as structural features of global investment banks. Our credit analysis is reflecting these challenges through greater emphasis on certain key rating factors in our methodologies, as discussed in the above-mentioned report, published on February 15th, 2012.

In addition to these issues, we will continue to incorporate the vulnerability Citigroup faces to its credit profile if the economy went into a recession with emphasis on its US consumer portfolio. The review will also incorporate Citigroup's positive credit actions of the past few years, including the building of a robust liquidity profile at its bank and non-bank entities, increasing its capital, and improving its risk-management regime after major risk management failures that required a government bailout in 2008.

Rating Outlook

The ratings are under review for possible downgrade. Please see the Recent Development section above.

What Could Change the Rating - Up

As Citigroup's ratings are under review for possible downgrade, we see no upward pressure in Citigroup's Moody's ratings.

What Could Change the Rating - Down

- See the above Focus of the Review section of this report.

- We could further reduce our systemic support assumptions, which would negatively impact the deposit and senior-debt ratings. (The current review is not considering lowering our government-support assumptions on Citigroup).

The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methdology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings 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.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Sean Jones
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Franklyn Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Disclosures on Credit Rating of Citigroup Inc.
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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND 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 OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. 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. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. 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, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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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.

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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.

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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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