Nikko Group Companies On Watch Positive After Citigroup Consolidation Announcement Oct 07

Standard & Poors, October 2007

Abstract
TOKYO (Standard & Poor's) Oct. 3, 2007--Standard & Poor's Ratings Services today placed its long-term ratings on the Nikko Cordial group of companies on CreditWatch with positive implications following the conclusion of a basic agreement with U.S.-based Citigroup Inc. (AA/Stable/A-1+) to make Nikko Cordial Corp. a wholly owned consolidated subsidiary. At the same time, Standard & Poor's affirmed its 'A-1' short-term ratings on Nikko Cordial Corp., Nikko Cordial Securities Inc., and NikkoCiti Trust & Banking Corp. In addition to evaluating the stand-alone business franchise and financial profile of each Nikko Cordial company, Standard & Poor's has also incorporated their strategic importance to Citigroup into the current ratings. The ratings on the Nikko companies may be raised when details of the...

Companies mentioned in this report are:
- Nikko Cordial Corp.
- Citigroup Inc.
- NCT Trust and Banking Corp.
- Citigroup Overseas Holdings Inc.

Action: On CreditWatch:Positive

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Nikko Cordial Corp.
- Citigroup Inc.
- NCT Trust and Banking Corp.
- Citigroup Overseas Holdings Inc.

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