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S&P Credit Research1367 word report
published Jul 29, 2009
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S&P Credit Research
| Abstract: | Citi is expected to soon complete the public portion of 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 our counterparty credit and debt ratings on Citigroup. We continue to view the bank's stand-alone credit profile as being four notches below the counterparty credit rating. On July 29, 2009, Standard&Poor's Ratings Services affirmed its 'A/A-1' counterparty credit rating (CCR) on Citigroup Inc. (Citi). At the same time, we lowered our rating on Citi's trust preferred and enhanced trust preferred issues to 'C' from 'CC' and revised the CreditWatch to
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Citigroup Inc. 'A/A-1' Ratings Affirmed; Issues Downgraded To 'C' From '##' And On CW Positive From CW Developing Publication date: 29-Jul-2009 Primary Credit Analyst: Scott Sprinzen,...
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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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