Summary: Citigroup Global Markets ROCs/ROLs II-R Trust Series 11122 Jul 07

Standard & Poors, July 2007

Abstract
Citigroup Global Markets Reset Option Certificates II-R Series 11122, relating to New Jersey Economic Development Authority school facilities construction refunding bonds, 2005 series K, are rated 'AAA/A-1+'. The long-term component of the rating is based on the 'AAA' rated, AMBAC-insured underlying bonds. The short-term component of the rating is based on a liquidity facility provided by Citibank N.A. (A-1+). Citigroup Global Markets Reset Option Longs II-R Series 11122, relating to New Jersey Economic Development Authority school facilities construction refunding bonds, 2005 series K, are rated 'AAA'. The rating is based on the 'AAA' rated AMBAC-insured underlying bonds. The short-term component of the rating is based on a shortfall liquidity swap agreement where the swap counterparty is Citibank N.A. (A-1+). Optionally...

Companies mentioned in this report are:
- New Jersey
- Citigroup Global Markets ROCs/ROLs II-R Tr

Action: New Rating

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- New Jersey
- Citigroup Global Markets ROCs/ROLs II-R Tr

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