Research Update: Citigroup Inc. 'AA-/A-1+' Counterparty Credit Ratings Placed On CreditWatch Negative Sep 08
Standard & Poors, September 2008
Abstract
On Sept. 29, 2008, Standard & Poor's Ratings Services placed its ratings on Citigroup Inc., including the 'AA-/A-1+' counterparty credit rating, and the 'AA/A-1+' counterparty credit ratings on its bank affiliates, on CreditWatch with negative implications. The action reflects continued pressures on Citigroup's own performance from write-downs on market-disrupted assets and the loan portfolios. The merger agreement with Wachovia Corp., announced today, does not in itself materially add to the risk for Citigroup, because it is structured essentially as an acquisition of a "clean" bank. On a stand-alone basis, Citigroup's own market-disrupted assets and mortgage loan exposures pose significant risk. Of the riskiest of Wachovia Bank's $800 billion of assets, $300 billion would initially have $30 billion of reserves. These...
Action: On CreditWatch:Negative
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Product Type: Research Update
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- Citigroup Inc.
- Washington Mutual Finance Corp.
- CitiFinancial Credit Corp.
- Wachovia Corporation
- Citibank N.A.
- Citibank (South Dakota) N.A. Sioux Falls
- Citigroup Global Markets Inc.
- Associates First Capital Corp.
- Citibank International PLC
- Citigroup Global Markets Holdings Inc.
- Citigroup Pty Ltd.
- Citigroup Netherlands B.V.
- Citigroup Capital VII
- Citigroup Capital VIII
- Citigroup Capital IX
- Citigroup Capital X
- Citigroup Capital XI
- Associates Finance Inc.
- Citigroup Finance Canada Inc.
- Citibank N.A. (Canadian Branch)
- Citigroup Funding Inc.
- Citigroup Capital XIV
- Citigroup Capital XV
- Citigroup Capital XVI
- Citigroup Capital XVII
- Citigroup Capital XVIII
- Safety First Trust Series 2006-1
- Citibank Japan Ltd.
- Citigroup Capital XIX
- Citigroup Capital XX
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