Citibank 2008 Annual Report Download - page 107
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Citigroup’s Debt Ratings as of December 31, 2008
Citigroup Inc. Citigroup Funding Inc. Citibank, N.A.
Senior
debt
Commercial
paper
Senior
debt
Commercial
paper
Long-
term
Short-
term
Fitch Ratings A+ F1+ A+ F1+ A+ F1+
Moody’s Investors Service A2 P-1 A2 P-1 Aa3 P-1
Standard & Poor’s A A-1 A A-1 A+ A-1
Ratings downgrades by Fitch Ratings, Moody’s Investors Service or
Standard & Poor’s have had and could have impacts on funding and
liquidity, and could also have further explicit impact on liquidity due to
collateral triggers and other cash requirements. Because of the current credit
ratings of Citigroup Inc., a one-notch downgrade of its senior debt/long-term
rating would likely impact Citigroup Inc.’s commercial paper/short-term
rating. As of January 31, 2009, a one-notch downgrade of the senior debt/
long-term rating of Citigroup Inc. accompanied by a one-notch downgrade
of Citigroup Inc.’s commercial paper/short-term rating would result in an
approximately $11.0 billion funding requirement in the form of collateral
and cash obligations. Further, as of January 31, 2009, a one-notch
downgrade of the senior debt/long-term ratings of Citibank, N.A. would
result in an approximately $7.0 billion funding requirement in the form of
collateral and cash obligations. Because of the credit ratings of Citibank,
N.A., a one-notch downgrade of its senior debt/long-term rating is unlikely to
have any impact on its commercial paper/short-term rating.
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