Summary: Ratings On Seven Citigroup Global Markets ROCs/ROLs II-R Trust Issues Affirmed; Residual Certificates; Tender Option Certificates/Bonds Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services affirmed its ratings on Citigroup Global Markets ROCs/ROLs II-R Trust's series 11842, 11843, 11845, 11850, 11852, 11854, and 11927. The affirmations reflect an amendment to the series trust agreements. The long-term components of the ratings on the ROCs and ROLs are based on the ratings on the respective underlying bonds. The short-term components of the ratings on the ROCs are based on liquidity facilities provided by Citibank N.A. (A-1). SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the...

Companies mentioned in this report are:
- Calleguas Mun Wtr Dist
- 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.

- Calleguas Mun Wtr Dist
- Citigroup Global Markets ROCs/ROLs II-R Tr

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