Summary: Citigroup Global Markets ROCs/ROLs II-R Trust's Series 11739 Ratings Raised To 'AA/A-1' And 'AA'; Residual Certificates; Tender Option Certificates/Bonds Jul 10

Standard & Poors, July 2010

Abstract
Standard & Poor's Ratings Services raised its ratings on Citigroup Global Markets ROCs/ROLs II-R Trust's series 11739, relating to the California Department of Veterans Affairs' home purchase revenue bonds series 1999A and 1999B, to 'AA/A-1' and 'AA' from 'AA-/A-1'and 'AA-', respectively. The long-term components of the ratings are based on the underlying bond. The short-term component of the ROCs rating is based on the liquidity facility provided by Citibank N.A., New York, N.Y. These actions follow Standard & Poor's June 17, 2010, upgrade of the underlying bonds to 'AA' from 'AA-'. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are:
- California Dept of Vet Affairs
- Citigroup Global Markets ROCs/ROLs II-R Tr

Action: Upgraded

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.

- California Dept of Vet Affairs
- Citigroup Global Markets ROCs/ROLs II-R Tr

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