Fitch Rates Citigroup ROCs and ROLs Series 14046

  Fitch Rates Citigroup ROCs and ROLs Series 14046

Business Wire

NEW YORK -- February 5, 2013

Fitch Ratings assigns the following ratings to the series of Reset Option
Certificates II-R (ROCs) and Reset Option Longs II-R (ROLs) listed below:

--Series 14046 ROCs 'AA+/F1'; Negative Outlook;

--Series 14046 ROLs 'AA+'; Negative Outlook.

Sensitivity/Rating Drivers

The long-term 'AA+'; Negative Outlook ratings assigned to the series 14046
ROCs and ROLs are based on the rating that Fitch has assigned to State of
Washington Various Purpose General Obligation Refunding Bonds, Series R-2013C
(rated 'AA+'; Negative Outlook) that have been deposited in the series 14046
trust.

The 'F1', short-term rating assigned to the ROCs is based on the liquidity
facility provided by Citibank, N.A. (rated 'A/F1'; Stable Outlook) in the form
of a shortfall liquidity swap agreement. The short-term rating assigned to the
ROCs will expire on Dec. 15, 2013, the expiration date of the liquidity
facility, unless such date is extended or earlier terminated.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Criteria', Feb. 28, 2012;

--'Guidelines for Rating Tender Option Bonds', May 10, 2012.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678533

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Contact:

Fitch Ratings
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