Fitch Rates Citigroup ROCs and ROLs Series 14047

  Fitch Rates Citigroup ROCs and ROLs Series 14047

Business Wire

NEW YORK -- February 21, 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 14047 ROCs 'AA/F1'; Stable Outlook;

--Series 14047 ROLs 'AA'; Stable Outlook.

The long-term 'AA'; Stable Outlook ratings assigned to the series 14047 ROCs
and ROLs are based on the rating that Fitch has assigned to Dormitory
Authority of the State of New York Memorial Sloan-Kettering Cancer Center
Revenue Bonds, 2012 Series 1 (rated 'AA'; Stable Outlook by Fitch) that have
been deposited in the series 14047 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.

Rating Sensitivities

The short-term rating assigned to the ROCs reflects the short-term rating that
Fitch maintains on the bank providing liquidity support and will be adjusted
upward or downward in conjunction with the short-term rating of the bank, and,
in some cases, the long-term rating of the underlying bond deposited in the
trust. The long-term ratings assigned to the ROCs and ROLs are exclusively
tied to the creditworthiness of the underlying bond deposited in the trust and
will reflect all changes to that rating.

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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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
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Contact:

Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Trudy Zibit
Managing Director
+1-212-908-0689
or
Committee Chairperson
Mario Civico
Senior Director
+1-212-908-0796
or
Media Relations
Fitch Ratings
Elizabeth Fogerty
+1-212-908-0526
elizabeth.fogerty@fitchratings.com
 
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