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S&P Credit Research590 word report
published Apr 17, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) April 17, 2009--Standard&Poor's Ratings Services said today that its rating on Citigroup Inc. (Citi; A/Negative/A-1) is not affected by the company's just-announced first-quarter earnings. Citi generated modest earnings in the first quarter after reversing credit valuation adjustments stemming from Citi's widening debt spreads (totaling gains of $180 million pretax) and other nonrecurring items (totaling gains of approximately $1.4 billion pretax). This followed five consecutive quarters of net losses. Extraordinarily strong trading revenues in interest rate, currencies, and credit products-–the sustainability of which we view as questionable–-bolstered Citi's results, more than offsetting diminished but still-substantial additional write-downs ($5.6 billion) on legacy residential mortgage, commercial real estate, and other trading positions. Citi also benefited from
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Citigroup Inc. Rating Unaffected By Modest First-Quarter Earnings Publication date: 17-Apr-2009 Primary Credit Analyst: Scott Sprinzen, New York (1) 212-438-7812; scott_sprinzen@standardandpoors.com...
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| Report Type: | Bulletin
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| Ticker: | C
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| Issuer: | Citigroup Inc.
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| GICS: | Other Diversified Financial Services (40201020)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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