Summary: Citigroup Global Markets ROCs/ROLs II-R Trust Series 11915; Residual Certificates; Tender Option Certificates/Bonds Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services revised its rating outlook on Citigroup Global Markets ROCs/ROLs II-R Trust's series 11915, relating to Albany-Floyd County School Building Corp.'s first mortgage bonds series 2007, to not meaningful from negative. This action follows Standard & Poor's Sept. 27, 2011, placement of its rating on Assured Guaranty Municipal Corp. on CreditWatch with negative implications. The long-term component of the rating on the ROCs and ROLs is based on the rating on the underlying bonds (CUSIP #s: 641667LZ1, 641667MB3). The short-term component of the rating 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:
- New Albany-Floyd Cnty Cons Sch Corp
- 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.

- New Albany-Floyd Cnty Cons Sch Corp
- Citigroup Global Markets ROCs/ROLs II-R Tr

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