Summary: Citigroup Global Markets ROCs/ROLs II-R Trust Series 12008 Nov 07

Standard & Poors, November 2007

Abstract
Citigroup Global Markets Reset Option Certificates II-R Series 12008, relating to the Port Authority of New York and New Jersey consolidated bonds, one hundred thirty-second series, are rated 'AA-/A-1+'.  The long-term component of the rating is based on the 'AA-' 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 12008, relating to the Port Authority of New York and New Jersey consolidated bonds, one hundred thirty-second series, are rated 'AA-'. The rating is based on the 'AA-' rated underlying bonds. The short-term component of the rating is based on a shortfall liquidity...

Companies mentioned in this report are:
- Port Auth of New York & New Jersey
- 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.

- Port Auth of New York & New Jersey
- Citigroup Global Markets ROCs/ROLs II-R Tr

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