Summary: Citigroup Global Markets ROCs/ROLs II-R Trust Series 11930; Residual Certificates; Tender Option Certificates/Bonds Mar 11

Standard & Poors, March 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Citigroup Global Markets ROCs/ROLs II-R Trust's series 11930, relating to New York City Municipal Water Finance Authority's water and sewer system revenue bonds fiscal series 2009A. The long-term component of the rating is based on the 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). 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 pay the tendered price, the tender agent shall draw upon the shortfall liquidity swap agreement....

Companies mentioned in this report are:
- New York City Mun Wtr Fin Auth
- 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.

- New York City Mun Wtr Fin Auth
- Citigroup Global Markets ROCs/ROLs II-R Tr

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