Citigroup Global Markets Reset Option Certificates Trust II-R Series 10038, relating to Minnesota general obligation state bonds, are rated 'AAA/A-1+'. The long-term component of the rating is based on the 'AAA' rated, underlying bonds. The short-term component of the rating is based on a liquidity facility provided by Citigroup Financial Products Inc. (NR) and the guarantor is Citigroup, Inc. (A-1+). Citigroup Global Markets Reset Option Long II-R Series 10038, relating to Minnesota general obligation state bonds, are rated 'AAA'. The rating is based on the 'AAA' rated, underlying bonds. The short-term component of the rating is based on a shortfall liquidity swap agreement where the swap counterparty is Citigroup Financial Products Inc. (NR) and the guarantor is Citigroup Inc. (A-1+).
