Research Update: Banco Citibank S.A. Outlook Revised To Negative From Stable; 'BBB-' Counterparty Credit Rating Affirmed Jan 09
- ID: 2024789
- January 2009
- Standard & Poors
On Jan. 20, 2009, Standard & Poor's Ratings Services revised its outlook on Brazil-based Banco Citibank S.A. to negative from stable, while affirming the 'BBB-' long-term global scale counterparty credit rating on the bank. At the same time, we revised the outlook on the 'brAAA/brA-1' Brazil national scale counterparty ratings to negative from stable and affirmed these ratings. The outlook change reflects the erosion in the stand-alone credit profile of Citigroup Inc. (Citi) and, consequently, on the expected level of support to the operations of its Brazilian subsidiary. Although we affirmed the counterparty credit rating on Citi on Jan. 16, 2009, we lowered its stand-alone assessment based on the gloomier earnings outlook and further indications from the company about the...
Companies mentioned in this report are:
- Banco Citibank S.A.
- Citigroup Inc.
- Citibank International Ltd.
Action: Outlook: Negative
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Product Type: Research Update
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