Summary: New York State Dec 05

Standard & Poors, December 2005

Abstract
Citigroup Global Markets Reset Option Certificates Trust II-R Series 450 (New York State), relating to New York State Urban Development Corp. state personal income tax revenue bonds (state facilities and equipment) series 2005B, 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 Citibank N.A until Sept. 15, 2006. Citigroup Global Markets Reset Option Longs Trust II-R Series 450 (New York State), relating to New York State Urban Development Corp. state personal income tax revenue bonds (state facilities and equipment) series 2005B, are rated 'AA'. The rating is based on the 'AA' rated underlying bonds. The short-term component of...

Companies mentioned in this report are:
- New York State
- 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 State
- Citigroup Global Markets ROCs/ROLs II-R Tr

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