Summary: Citigroup Global Markets ROCs/ROLs II-R Trust's Series 185 Ratings Placed On Watch Negative; Residual Certificates; Tender Option Certificates/Bonds Jul 11

Standard & Poors, July 2011

Abstract
Standard & Poor's Ratings Services placed its ratings on Citigroup Global Markets ROCs/ROLs II-R Trust's series 185, relating to Commonwealth of Puerto Rico's public improvement bonds series 2003A, on CreditWatch with negative implications. This action follows Standard & Poor's July 15, 2011, placement of its rating on the underlying bonds on CreditWatch with negative implications. The long-term component of the rating on the ROCs and ROLs is based the rating on the underlying bonds (CUSIP #: 74514LPU5). The short-term component on the ROCs is based on the liquidity facility provided by Citibank N.A. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Companies mentioned in this report are:
- Puerto Rico
- Citigroup Global Markets ROCs/ROLs II-R Tr

Action: On CreditWatch: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.

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.

- Puerto Rico
- Citigroup Global Markets ROCs/ROLs II-R Tr

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