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S&P Credit Research703 word report
published Nov 05, 2007
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Nov. 5, 2007--Standard&Poor's Ratings Services said today it placed its 'AA' long-term counterparty credit rating on Citigroup Inc. and its 'AA+' long-term counterparty credit rating on Citibank N.A. New York, NY on CreditWatch with negative implications. "Citigroup's announcement that it would have to make $8-$11 billion of additional markdowns on its CDO exposures is unwelcome news after the very weak third-quarter results," said Standard&Poor's credit analyst Tanya Azarchs. Markets for these securities have deteriorated since the third quarter was announced. However, the magnitude of write-downs calls into question risk management. Moreover, deteriorating credit conditions in the consumer lending space, particularly in first and second lien mortgages, suggest that the company, not
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| Brief Excerpt: | RESEARCH Ratings Definitions Citigroup Inc. And Citibank N.A. Ratings Placed On CreditWatch Negative Publication date: 05-Nov-2007 Primary Credit Analyst: Tanya Azarchs, New York (1) 212-438-7365; tanya_azarchs@standardandpoors.com...
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| Report Type: | Ratings Action
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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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