Summary: Citigroup Global Markets ROCs/ROLs II-R Trust Series 11931; Residual Certificates; Tender Option Certificates/Bonds May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA/A-1' and 'AAA' ratings on Citigroup Global Markets ROCs/ROLs II-R Trust's series 11931, relating to New York City Municipal Water Finance Authority's water and sewer system revenue bonds fiscal 2009 series A. The affirmation reflects the deposit of additional bonds resulting in an increase in the amount of reset option certificates and reset option longs. The long-term component of the rating is based on the underlying bonds. The short-term component of the rating is based on a liquidity facility provided by Citibank N.A. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are:
- New York City Mun Wtr Fin Auth
- Citigroup Global Markets ROCs/ROLs II-R Tr

Action: Affirmed

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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