Citibank Europe PLC Sep 11

Standard & Poors, September 2011

Abstract
Core subsidiary of Citigroup. Leverages Citigroup's strong Global Transaction Services (GTS) franchise. Good liquidity. Solid earnings record. Strong capitalization. Adequate asset quality remains sensitive to macroeconomic conditions. Moderate profitability of Central and Eastern Europe (CEE) branch operations. Low base rates exerting a degree of margin pressure. The ratings on Citibank Europe PLC (CEP), the wholly owned Ireland-domiciled banking subsidiary of the Citigroup Inc. (Citigroup; A/Negative/A-1), reflect Standard & Poor's Ratings Services' view of its core positioning within Citigroup, and, as such, our expectation that it would likely receive full support from the group if needed. On a stand-alone basis, CEP benefits from good liquidity, strong capitalization, and a solid earnings record that is supported by the strength of Citigroup's GTS...

Action: Review

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.

Research Type: Full Analysis

- Citibank Europe PLC
- Citibank N.A.
- Citibank (South Dakota) N.A. Sioux Falls
- Citigroup Global Markets Inc.
- Citigroup Inc.
- Citi Swapco Inc.
- Citibank International PLC
- Banco Nacional de Mexico S.A.
- Citigroup Global Markets Holdings Inc.
- Citigroup Pty Ltd.
- Bank Handlowy w Warszawie S.A. (Unsolicited Ratings)
- Citigroup Capital VII
- Citigroup Capital VIII
- Citigroup Capital IX
- Citigroup Capital X
- Citigroup Capital XII
- Citigroup Capital XIII
- Citibank N.A. (Canadian Branch)
- Citibank N.A. (Uruguay Branch)
- Citibank Korea Inc.
- Citibank Securities (Taiwan) Ltd.
- Citigroup Funding Inc.
- Citigroup Capital XVII
- Citigroup Capital XVIII
- Citibank Japan Ltd.
- Citigroup Capital XX
- Citigroup Global Markets Taiwan Securities
- Citigroup Japan Holdings Corp.

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