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Rating Action:

Moody's downgrades Citigroup's ratings (Snr to Aa2 from Aa1), and reviews them for further downgrades. Citibank's Aaa affirmed.

05 Nov 2007
Moody's downgrades Citigroup's ratings (Snr to Aa2 from Aa1), and reviews them for further downgrades. Citibank's Aaa affirmed.

New York, November 05, 2007 -- Moody's Investors Services downgraded the long term ratings of Citigroup Inc. (Citigroup) (senior to Aa2 from Aa1) and lowered the Bank Financial Strength Rating (BFSR) of Citibank, N.A. (Citibank) to A- from A. In addition, Moody's placed the BFSR under review for possible further downgrade. Moody's affirmed the Aaa deposit and debt ratings on Citibank and changed the outlook to negative from stable. The outlook on the long term debt ratings of Citigroup was also changed to negative from stable. All short term ratings (Prime-1 at Citigroup and Citibank) were affirmed with a stable outlook.

Moody's actions follow the disclosure by Citigroup that it has a direct sub-prime mortgage exposure of $55 billion in its investment banking operations, including a $43 billion exposure to senior tranches of collateralized debt obligations (CDOs). Citigroup estimates that this exposure would result in a decline in revenue ranging from $8 billion to $11 billion. If taken, such a decline would result in a sizable quarterly loss for Citigroup.

The action also follows the announcement that Citigroup's CEO, Charles Prince, has resigned, with Robert Rubin becoming interim Chairman and Sir Win Bischoff Acting CEO. This interim management solution illustrates the company's limited progress with succession planning. The board and management now face a major governance challenge at a very difficult time. The latest disclosures about sub-prime-related losses continue to suggest problems with management's reporting to the board on risk controls, and underscore concerns about board oversight over Citigroup's operational strategy.

The downgrades of Citibank's BFSR and Citigroup's long term ratings were prompted by (1) the possible write-downs Citigroup may need to take against its sub-prime portfolio and the adverse impact that this would have on earnings and capital, (2) additional risk concentrations that are confronting the company, (3) a more negative view by Moody's on Citigroup's risk management that allowed these risk concentrations to emerge, and (4) uncertainty regarding future strategic direction due to the evolving and uncertain senior management situation.

The review for downgrade of Citibank's A- BFSR will focus on what initiatives, if any, Citigroup will take to bolster its capital. "Citigroup faces a number of significant uncertainties; yet, the board has chosen to maintain a very sizable dividend, which if cut would provide meaningful support to depositors and bondholders," said Moody's Senior Vice President, Sean Jones.

The negative outlooks on the long term ratings of both Citigroup and Citibank recognize that it will be some time before a new, non-interim management structure is put into place and that the new management team is able to develop and implement their own plans. This creates additional uncertainty about the future direction and profile of the company. This risk is offset by the very high systemic support that Moody's believes Citibank enjoys. The long term ratings would change only if the BFSR of Citibank were lowered to B. The current uncertainty prompts Moody's to take a cautious view of possible future developments, and as a result Moody's has assigned a negative outlook to these ratings.

Moody's said the additional uncertainties that Citigroup faces, beyond those of the CDO portfolio, include: (A) a sizable leveraged-loan exposure, (B) a meaningful direct exposure to non-prime US mortgage loans (the loans are to borrowers whose credit profiles are low, or for which the loan-to-value of the mortgages is high), and (C) future potential charges resulting from customer refund claims in Japan.

In addition, Citigroup may need to participate in a solution to the Structured Investment Vehicle (SIV) problem. Citigroup sponsors seven SIVs with aggregate assets of approximately $80 billion. Citigroup holds no subordinated tranches in these SIVs, and it has no contractual obligation to provide alternative funding to these SIVs . "Nevertheless, it faces the dilemma that, if it does not provide support, it may harm its reputation with its institutional clients. On the other hand, if it does provide support, it could trigger a need to consolidate the SIV assets," said Mr. Jones. Consolidation of SIV assets could be a source of further write-downs, while also reducing Citigroup's capital ratios.

"The credit crunch has been a real-life test of the effectiveness of the bank's risk management, and Citigroup has performed very poorly in this test," said Mr. Jones. Managing risk effectively will be critical for Citigroup to maintain its trading franchises, which have been a major earnings contributor in recent years. The need to improve risk management comes at a time when the company's succession planning failed to produce a replacement CEO.

Moody's said that Citigroup enters this challenging period with a good liquidity profile at the holding company and at the bank. Although its US deposit base is comparatively modest, it compensates by having a substantial and stable foreign deposit base. Moody's also acknowledges that Citigroup has a number of valuable franchises and a unique geographic diversification compared to US commercial bank peers. These diversified franchises, and their capability to produce strong earnings streams, are keystones supporting the rating. Most notably, these franchises include a strong global position in credit cards, a growing international consumer franchise, a leading transaction services business, and a leading wealth management business. Although Citigroup is confronted with numerous and concentrated risks, the strength and diversity of its franchises result in substantial core earnings to absorb losses.

Below are the rating actions taken on Citigroup by Moody's:

Downgrades:

..Issuer: Associates Corporation of North America

....Issuer Rating, Downgraded to Aa2 from Aa1

....Subordinate Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

..Issuer: Associates First Capital Corporation

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

..Issuer: CGMH Capital II

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: CGMH Capital III

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: CGMH Capital IV

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: CitiFinancial Credit Company

....Issuer Rating, Downgraded to Aa2 from Aa1

....Junior Subordinated Shelf, Downgraded to (P)Aa3 from (P)Aa2

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa2 from Aa1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

....Senior Unsecured Shelf, Downgraded to (P)Aa2 from (P)Aa1

..Issuer: CitiFinancial Europe PLC

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Aa3 to Aa2 from a range of Aa2 to Aa1

..Issuer: Citibank Europe plc

....Bank Financial Strength Rating, Downgraded to A- from A

....Senior Unsecured Deposit Rating, Downgraded to Aa1 from Aaa

..Issuer: Citibank International Plc

....Bank Financial Strength Rating, Downgraded to A- from A

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa1 from Aaa

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa1 from Aaa

....Senior Unsecured Deposit Rating, Downgraded to Aa1 from Aaa

..Issuer: Citibank Japan Ltd.

....Bank Financial Strength Rating, Downgraded to A- from A

....Senior Unsecured Deposit Rating, Downgraded to Aa1 from Aaa

..Issuer: Citibank, N.A.

....Bank Financial Strength Rating, Downgraded to A- from A

..Issuer: Citicorp Capital I

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citicorp Capital II

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Citigroup Capital I

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Citigroup Capital II

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Citigroup Capital III

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Citigroup Capital IV

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Capital IX

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Capital V

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Capital VI

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Capital VII

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Capital VIII

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Capital X

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Capital XI

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Capital XII

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Capital XIII

....Preferred Stock Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Capital XIV

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Citigroup Capital XIX

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Citigroup Capital XV

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Citigroup Capital XVI

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Citigroup Capital XVII

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Citigroup Capital XVIII

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Citigroup Finance Canada Inc

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa2 from Aa1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

..Issuer: Citigroup Funding, Inc.

....Issuer Rating, Downgraded to Aa2 from Aa1

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Aa3 to Aa2 from a range of Aa2 to Aa1

....Multiple Seniority Shelf, Downgraded to a range of (P)Aa3 to (P)Aa2 from a range of (P)Aa2 to (P)Aa1

....Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to Aa2 from Aa1

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa2 from Aa1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

..Issuer: Citigroup Global Markets Holdings Inc.

....Issuer Rating, Downgraded to Aa2 from Aa1

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Aa3 to Aa2 from a range of Aa2 to Aa1

....Multiple Seniority Shelf, Downgraded to a range of (P)Aa3 to (P)Aa2 from a range of (P)Aa2 to (P)Aa1

....Preferred Stock Preferred Stock, Downgraded to A1 from Aa3

....Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to Aa2 from Aa1

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa2 from Aa1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

....Senior Unsecured Shelf, Downgraded to (P)Aa2 from (P)Aa1

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

....Bank Financial Strength Rating, Downgraded to A- from A

....Senior Unsecured Deposit Rating, Downgraded to Aa1 from Aaa

..Issuer: Citigroup Inc.

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Aa3 to Aa2 from a range of Aa2 to Aa1

....Multiple Seniority Shelf, Downgraded to a range of (P)A1 to (P)Aa2 from a range of (P)Aa3 to (P)Aa1

....Preferred Stock Preferred Stock, Downgraded to A1 from Aa3

....Subordinate Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa2 from Aa1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

..Issuer: Citigroup Pty Limited

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa1 from Aaa

....Senior Unsecured Deposit Rating, Downgraded to Aa1 from Aaa

..Issuer: Nikko Citigroup Limited

....Issuer Rating, Downgraded to Aa3 from Aa2

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A1 to Aa3 from a range of Aa3 to Aa2

....Subordinate Regular Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

..Issuer: Nikko Citigroup Services Limited

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa3 from Aa2

..Issuer: Nikko Cordial Corporation

....Issuer Rating, Downgraded to Aa3 from Aa2

..Issuer: Nikko Cordial Securities Inc.

....Issuer Rating, Downgraded to Aa3 from Aa2

..Issuer: SI Financing Trust I

....Preferred Stock Preferred Stock, Downgraded to Aa3 from Aa2

..Issuer: Smith Barney Holdings Inc.

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa2 from Aa1

..Issuer: Source One Mortgage Services Corporation

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

..Issuer: Washington Mutual Finance Corp.

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa2 from Aa1

On Review for Possible Downgrade:

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

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B+

Outlook Actions:

..Issuer: Associates Corporation of North America

....Outlook, Changed To Negative From Stable

..Issuer: Associates First Capital Corporation

....Outlook, Changed To Negative From Stable

..Issuer: CGMH Capital II

....Outlook, Changed To Negative From Stable

..Issuer: CGMH Capital III

....Outlook, Changed To Negative From Stable

..Issuer: CGMH Capital IV

....Outlook, Changed To Negative From Stable

..Issuer: CitiFinancial Credit Company

....Outlook, Changed To Negative From Stable

..Issuer: CitiFinancial Europe PLC

....Outlook, Changed To Negative From Stable

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

....Outlook, Changed To Negative(m) From Stable

..Issuer: Citibank Europe plc

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

..Issuer: Citibank International Plc

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

..Issuer: Citibank Japan Ltd.

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

..Issuer: Citibank, N.A.

....Outlook, Changed To Negative(m) From Stable

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

....Outlook, Changed To Negative From Stable

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

....Outlook, Changed To Negative From Stable

..Issuer: Citicorp Capital I

....Outlook, Changed To Negative From Stable

..Issuer: Citicorp Capital II

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital I

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital II

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital III

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital IV

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital IX

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital V

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital VI

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital VII

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital VIII

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital X

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital XI

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital XII

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital XIII

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital XIV

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital XIX

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital XV

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital XVI

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital XVII

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Capital XVIII

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Finance Canada Inc

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Funding, Inc.

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Global Markets Holdings Inc.

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Global Markets Inc.

....Outlook, Changed To Negative From Stable

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

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

..Issuer: Citigroup Inc.

....Outlook, Changed To Negative From Stable

..Issuer: Citigroup Pty Limited

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

..Issuer: European-American Bank

....Outlook, Changed To Negative(m) From Stable

..Issuer: Nikko Citigroup Limited

....Outlook, Changed To Negative From Stable

..Issuer: Nikko Citigroup Services Limited

....Outlook, Changed To Negative From Stable

..Issuer: Nikko Cordial Corporation

....Outlook, Changed To Negative From Stable

..Issuer: Nikko Cordial Securities Inc.

....Outlook, Changed To Negative From Stable

..Issuer: SI Financing Trust I

....Outlook, Changed To Negative From Stable

..Issuer: Smith Barney Holdings Inc.

....Outlook, Changed To Negative From Stable

..Issuer: Source One Mortgage Services Corporation

....Outlook, Changed To Negative From Stable

..Issuer: Washington Mutual Finance Corp.

....Outlook, Changed To Negative From Stable

Citigroup's reported assets as of September 30th 2007 were $2.3 trillion.

New York
Gregory W. Bauer
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

No Related Data.
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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.

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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