Summary: Citigroup Global Markets ROCs/ROLs II-R Trust Series 12039 Dec 07

Standard & Poors, December 2007

Abstract
Citigroup Global Markets Reset Option Certificates II-R series 12039, relating to the Salt River Project Agriculture Improvement and Power District, Ariz.'s electric system revenue bonds, 2005 series A, 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. (not rated) and the guarantor is Citigroup Inc. ('A-1+').  Citigroup Global Markets Reset Option Long II-R series 12039, relating to the Salt River Project Agriculture Improvement and Power District, Ariz.'s electric system revenue bonds, 2005 series A, are rated 'AA'. The rating is based on the 'AA' rated underlying bonds. The short-term component of the rating is based on...

Companies mentioned in this report are:
- Salt River Proj Agri Imp & Pwr Dist
- 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.

- Salt River Proj Agri Imp & Pwr Dist
- Citigroup Global Markets ROCs/ROLs II-R Tr

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