Research Update: Germany-Based Citigroup Subsidiary Citigroup Global Markets Europe AG Assigned 'A+/A-1' Ratings; Outlook Stable

Citigroup has transformed its Citigroup Global Markets Deutschland AG (CGMD) into Citigroup Global Markets Europe AG (CGME) to shield itself and its clients in the European Economic Area from any potential disruptions related to Brexit. CGME, a specialized securities trading and financial services institution, is 100% owned by Citigroup Inc. through its London-based subsidiary Citigroup Global Markets Ltd. The company returned its deposit-taking license and became a fully integrated, core subsidiary of Citigroup. We are assigning our 'A+/A-1' issuer credit ratings to CGME. The stable outlook mirrors that on Citigroup's core operating subsidiaries. We are also assigning CGME our 'A+/A-1' resolution counterparty ratings (RCRs), since CGME is an operating subsidiary of U.S. global systemically important bank Citigroup Inc. and because

...+ Citigroup has transformed its Citigroup Global Markets Deutschland AG (CGMD) into Citigroup Global Markets Europe AG (CGME) to shield itself and its clients in the European Economic Area from any potential disruptions related to Brexit. + CGME, a specialized securities trading and financial services institution, is 100% owned by Citigroup Inc. through its London-based subsidiary Citigroup Global Markets Ltd. The company returned its deposit-taking license and became a fully integrated, core subsidiary of Citigroup. + We are assigning our 'A+/A-1' issuer credit ratings to CGME. + The stable outlook mirrors that on Citigroup's core operating subsidiaries. + We are also assigning CGME our 'A+/A-1' resolution counterparty ratings (RCRs), since CGME is an operating subsidiary of U.S. global systemically important bank Citigroup Inc. and because we view the U.S. and Germany as having an effective resolution regime....

Research Update