Summary: Citigroup Global Markets ROCs/ROLs II-R Trust Series 11919; Residual Certificates; Tender Option Certificates/Bonds Feb 11

Standard & Poors, February 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA+/A-1' and 'AA+' ratings to Citigroup Global Markets ROCs/ROLs II-R Trust's series 11919, relating to South Valley Sewer District, Utah's sewer revenue bonds series 2008. The long-term component of the rating on the ROCsis based on the Berkshire Hathaway Assurance Corp.-insured underlying bonds (AA+). The short-term component of the rating is based on a shortfall liquidity swap agreement where the swap counterparty is Citibank N.A. (A-1). The rating on the ROLs is based on the Berkshire Hathaway Assurance Corp.-insured underlying bonds. Optionally tendered ROCs that are not remarketed will be purchased from the proceeds of the sale of a pro rata amount of bonds, and to the extent such proceeds are insufficient to...

Companies mentioned in this report are:
- South Vy Swr 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.

- South Vy Swr Dist
- Citigroup Global Markets ROCs/ROLs II-R Tr

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