Summary: Citigroup Global Markets ROCs/ROLs II-R Trust's Series 12274 Rating Lowered To 'AA+'; Residual Certificates Nov 10

Standard & Poors, November 2010

Abstract
Standard & Poor's Ratings Services lowered its rating on Citigroup Global Markets ROCs/ROLs II-R Trust's series 12274, relating to Wyandotte County/Kansas City Unified Government's utility system refunding revenue bonds, to 'AA+' from 'AAA'. These actions follow Standard & Poor's Oct. 25, 2010, downgrade of the rating on the underlying bonds to 'AA+' from 'AAA'. The long-term rating is based on Assured Guaranty Municipal Corp.-insured underlying bonds (CUSIP: 982674EA7, 982674EB5). USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are:
- Wyandotte Cnty / Kansas City Unif Govt
- Citigroup Global Markets ROCs/ROLs II-R Tr

Action: Downgraded

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.

- Wyandotte Cnty / Kansas City Unif Govt
- Citigroup Global Markets ROCs/ROLs II-R Tr

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