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Rating Action:

Moody's lowers Citigroup's ratings (snr to Aa3)

13 Dec 2007
Moody's lowers Citigroup's ratings (snr to Aa3)

New York, December 13, 2007 -- Moody's Investors Service downgraded the long-term ratings of Citigroup Inc. (Citigroup) (senior to Aa3 from Aa2) and lowered the Bank Financial Strength Rating (BFSR) of Citibank, N.A. (Citibank) to B from A-. The rating on Citibank for long-term deposits and senior debt was lowered to Aa1 from Aaa. The rating outlook is stable.

The downgrade was prompted by Moody's view that Citigroup's capital ratios will remain low. According to Senior Vice President Sean Jones, "this situation is likely because management will need to take sizable write-downs against its subprime RMBS and CDO portfolio." The bank is also expected to make significant sustained provisions against its residential mortgage book, which is over $200 billion. These charges are likely to occur when Citigroup's normal earnings power is depressed, particularly in the United States.

"During 2008," the analyst said, "Citigroup's weak earnings should prohibit the bank from rapidly restoring capital ratios, despite its recent issuance of $7.5 billion hybrid capital."

Moody's believes that Citigroup has options for rebuilding its capital base: through additional sources of external capital; through more aggressive balance sheet management; and through internal capital retention by means of dividend reduction. This flexibility supports the stable outlook.

For Citigroup's ratings to be upgraded, the company would need to rebuild its capital ratios to levels maintained prior to 2007. As well, the firm's pre-provision earnings power has to return to its previous strong level, while reducing its concentration risks.

The company's failure to restore its capital ratios in the medium term would possibly lead to a further downgrade.

As a result of this rating action, the following of Citigroup's subsidiaries' ratings are being placed on review for possible downgrade:

Citigroup Pty Limited

Citigroup Global Mkts Deutsch AG & Co.

Citibank Europe plc

Citibank International Plc

Citibank (South Dakota), N.A.

Nikko Cordial Corporation

Nikko Cordial Securities Inc.

Nikko Citigroup Ltd.

Nikko Citigroup Services Ltd.

Egg Banking plc

Citibank Japan Ltd.

The following is a list of all ratings affected:

Downgrades:

..Issuer: Associates Corporation of North America

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

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

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

..Issuer: Associates First Capital Corporation

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

..Issuer: CGMH Capital II

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: CGMH Capital III

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: CGMH Capital IV

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: CitiFinancial Credit Company

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

....Junior Subordinated Shelf, Downgraded to (P)A1 from (P)Aa3

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

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

....Senior Unsecured Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: CitiFinancial Europe PLC

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

..Issuer: Citibank, N.A.

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

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

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

....Senior Unsecured Deposit Note/Takedown, Downgraded to Aa1 from Aaa

....Senior Unsecured Medium-Term Note Program, Downgraded to a range of (P)Aa1 to Aa1 from a range of (P)Aaa to Aaa

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

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

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

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

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

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

..Issuer: Citicorp Capital I

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

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citicorp Capital II

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

..Issuer: Citigroup Capital I

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

..Issuer: Citigroup Capital II

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

..Issuer: Citigroup Capital III

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

..Issuer: Citigroup Capital IV

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citigroup Capital IX

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

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citigroup Capital V

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citigroup Capital VI

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citigroup Capital VII

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

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citigroup Capital VIII

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

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citigroup Capital X

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

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citigroup Capital XI

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

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citigroup Capital XII

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citigroup Capital XIII

....Preferred Stock Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Citigroup Capital XIV

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

..Issuer: Citigroup Capital XIX

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

..Issuer: Citigroup Capital XV

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

..Issuer: Citigroup Capital XVI

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

..Issuer: Citigroup Capital XVII

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

..Issuer: Citigroup Capital XVIII

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

..Issuer: Citigroup Capital XX

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

..Issuer: Citigroup Capital XXI

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

..Issuer: Citigroup Finance Canada Inc

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

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

..Issuer: Citigroup Funding, Inc.

....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

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

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

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

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

..Issuer: Citigroup Global Markets Holdings Inc.

....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

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

....Preferred Stock Preferred Stock, Downgraded to A2 from A1

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

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

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

....Senior Unsecured Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Citigroup Inc.

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

....Multiple Seniority Shelf, Downgraded to a range of (P)A2 to (P)Aa3 from a range of (P)A1 to (P)Aa2

....Preferred Stock Preferred Stock, Downgraded to A2 from A1

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

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

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

..Issuer: Kazkommertsbank

....Subordinate Regular Bond/Debenture, Downgraded to Ba3 from Ba2

..Issuer: SI Financing Trust I

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

..Issuer: Smith Barney Holdings Inc.

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

..Issuer: Source One Mortgage Services Corporation

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

..Issuer: Washington Mutual Finance Corp.

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

On Review for Possible Downgrade:

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

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

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aaa

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Citibank Europe plc

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently A-

....Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Citibank International Plc

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently A-

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Citibank Japan Ltd.

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently A-

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

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

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently A-

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Citigroup Pty Limited

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

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Egg Banking Plc

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

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: Nikko Citigroup Limited

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa3

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Nikko Citigroup Services Limited

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Nikko Cordial Corporation

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Nikko Cordial Securities Inc.

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa3

Outlook Actions:

..Issuer: Associates Corporation of North America

....Outlook, Changed To Stable From Negative

..Issuer: Associates First Capital Corporation

....Outlook, Changed To Stable From Negative

..Issuer: CGMH Capital II

....Outlook, Changed To Stable From Negative

..Issuer: CGMH Capital III

....Outlook, Changed To Stable From Negative

..Issuer: CGMH Capital IV

....Outlook, Changed To Stable From Negative

..Issuer: CitiFinancial Credit Company

....Outlook, Changed To Stable From Negative

..Issuer: CitiFinancial Europe PLC

....Outlook, Changed To Stable From Negative

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

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

..Issuer: Citibank, N.A.

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

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

....Outlook, Changed To Stable From Negative

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

....Outlook, Changed To Stable From Negative

..Issuer: Citicorp Capital I

....Outlook, Changed To Stable From Negative

..Issuer: Citicorp Capital II

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital I

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital II

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital III

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital IV

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital IX

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital V

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital VI

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital VII

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital VIII

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital X

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XI

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XII

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XIII

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XIV

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XIX

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XV

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XVI

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XVII

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XVIII

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XX

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Capital XXI

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Finance Canada Inc

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Funding, Inc.

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Global Markets Holdings Inc.

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

..Issuer: Citigroup Global Markets Inc.

....Outlook, Changed To Stable From Negative

..Issuer: Citigroup Inc.

....Outlook, Changed To Stable From Negative

..Issuer: Nikko Citigroup Limited

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

..Issuer: Nikko Citigroup Services Limited

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

..Issuer: Nikko Cordial Corporation

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

..Issuer: Nikko Cordial Securities Inc.

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

..Issuer: SI Financing Trust I

....Outlook, Changed To Stable From Negative

..Issuer: Smith Barney Holdings Inc.

....Outlook, Changed To Stable From Negative

..Issuer: Source One Mortgage Services Corporation

....Outlook, Changed To Stable From Negative

..Issuer: Washington Mutual Finance Corp.

....Outlook, Changed To Stable From Negative

Citigroup, Inc. is headquartered in New York, New York, with reported assets of $2.4 trillion as of September 30, 2007.

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

No Related Data.
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