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S&P Credit Research1625 word report
published Sep 29, 2008
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S&P Credit Research
| Abstract: | On Sept. 29, 2008, Standard&Poor's Ratings Services placed its ratings on Citigroup Inc., including the 'AA-/A-1+' counterparty credit rating, and the 'AA/A-1+' counterparty credit ratings on its bank affiliates, on CreditWatch with negative implications. The action reflects continued pressures on Citigroup's own performance from write-downs on market-disrupted assets and the loan portfolios. The merger agreement with Wachovia Corp., announced today, does not in itself materially add to the risk for Citigroup, because it is structured essentially as an acquisition of a "clean" bank. On a stand-alone basis, Citigroup's own market-disrupted assets and mortgage loan exposures pose significant risk. Of the riskiest of Wachovia Bank's $800 billion of assets, $300 billion would initially have $30 billion of reserves. These
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Citigroup Inc. '##-/A-1+' Counterparty Credit Ratings Placed On CreditWatch Negative Publication date: 29-Sep-2008 Primary Credit Analyst: Tanya Azarchs, New York (1) 212-438-7365; tanya_azarchs@standardandp...
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| Report Type: | Research Update
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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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Citi will soon complete an exchange of around $58 billion in hybrid capital issues for common stock, which we view as a distressed exchange under our criteria. We are lowering the ratings on the affected issues not already rated 'C' and affirming ...
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