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S&P Credit Research1705 word report
published Feb 27, 2009
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S&P Credit Research
| Abstract: | On Feb. 27, 2009, Standard&Poor's Ratings Services affirmed its supported 'A/A-1' counterparty credit rating on Citigroup Inc. (Citi; holding company) and its rating on Citi's subsidiaries, including the 'A+/A-1' counterparty credit rating on Citibank N.A. New York, NY. The outlook was revised to negative. The affirmation follows the company's announcement of an extensive recapitalization plan. At the same time, we lowered our ratings on certain of Citi's preferred stock issues to 'C' from 'BB', given the company's announcement that it is suspending dividend payments on these issues. In addition, we lowered our ratings on Citi's other rated hybrid capital issues to 'CC' from 'BB', and placed these ratings on CreditWatch with developing implications because these issues could be
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Citigroup Inc. 'A/A-1' Rating Affirmed; Outlook Revised To Negative; Hybrids Downgraded Publication date: 27-Feb-2009 Primary Credit Analyst: Scott Sprinzen, New York (1) 212-438-7812;...
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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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