The ratings on M-S-R Energy Authority's transaction are currently linked to the rating on Citigroup Inc. (A/Negative/A-1). This reflects the current rating and outlook on Citigroup as the guarantor of Citigroup Energy Inc.'s (CEI; not rated) obligations under the gas purchase agreement. Bond payment depends on the ability of several different counterparties to perform under the transaction documents. We are affirming the 'A' senior secured ratings on M-S-R Energy Authority's bonds, and revising the outlook to negative from stable. On Feb. 10, 2010, Standard&Poor's Ratings Services revised its outlook on M-S-R Energy Authority's $201.0 million series 2009A, $500.2 million series 2009B, and $200.4 million series 2009C gas revenue bonds to negative from stable. At the same time, we
