Summary: Citigroup Global Markets ROCs/ROLs II-R Trust Series 11227 Oct 07

Standard & Poors, October 2007

Abstract
Citigroup Global Markets Reset Option Certificates II-R, Series 11227, relating to Santa Clara Valley Transportation Authority, 2000 Measure A Sales Tax Revenue Refunding Bonds, 2007 Series A, 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 11227, relating to Santa Clara Valley Transportation Authority, 2000 Measure A Sales Tax Revenue Refunding Bonds, 2007 series A, 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...

Companies mentioned in this report are:
- Santa Clara Vy Transp Auth
- Citigroup Global Markets ROCs/ROLs II-R Tr

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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.

- Santa Clara Vy Transp Auth
- Citigroup Global Markets ROCs/ROLs II-R Tr

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