Research Update: Banco Citibank S.A. Outlook Revised To Negative From Stable; 'BBB-' Counterparty Credit Rating Affirmed Jan 09
Standard & Poors, January 2009
Abstract
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 PLC
Action: Affirmed
Action: Outlook: Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Banco Citibank S.A.
- Citigroup Inc.
- Citibank International PLC
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW5
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
