TOKYO (Standard&Poor's) Nov. 12, 2009--Standard&Poor's Ratings Services today lowered its long-term counterparty credit ratings on Citibank Korea Inc. (CKI) to 'BBB+' from 'A-' and removed the ratings from CreditWatch, where they were placed with negative implications on Dec. 19, 2008. At the same time, Standard&Poor's affirmed its 'A-2' short-term rating on the company and removed it from CreditWatch. The outlook is stable. These actions reflect our view that it is no longer appropriate to incorporate an uplift on the ratings due to potential support from CKI's parent, Citibank N.A. New York, NY (Citibank: A+/Stable/A-1). Therefore, the ratings on CKI are being equalized with CKI's stand-alone credit profile. The ratings on Citibank and that of
