Summary: Citigroup Global Markets ROCs/ROLs II-R Trust Series 287X Ratings Lowered To 'AA+/A-1' And 'AA+'; Off Watch Negative; Residual Certificates; Tender Option Certificates/Bonds Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services lowered its ratings on Citigroup Global Markets ROCs/ROLs II-R Trust's series 287X, relating to Golden State Tobacco Securitization Corp., Calif.'s enhanced tobacco settlement asset-backed bonds series 2003B, to 'AA+/A-1' and 'AA+' from 'AAA/A-1' and 'AAA', respectively, and removed them from CreditWatch with negative implications. This action follows Standard & Poor's Aug. 8, 2011, downgrade and removal of its rating on the underlying bonds from 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 #: 38122NCC4). 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...

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

Action: Downgraded
Action: Removed From CreditWatch

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.

- California
- Citigroup Global Markets ROCs/ROLs II-R Tr

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