Fitch Rates Citigroup ROCs and ROLs Series 14063-14065

  Fitch Rates Citigroup ROCs and ROLs Series 14063-14065

Business Wire

NEW YORK -- July 5, 2013

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

Series 14063

--ROCs 'AA+/F1', Stable Outlook;

--ROLs 'AA+', Stable Outlook.

Series 14064

--ROCs 'AA/F1', Stable Outlook;

--ROLs 'AA', Stable Outlook.

Series 14065

--ROCs 'AA+/F1', Stable Outlook;

--ROLs 'AA+', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA+', Stable Outlook ratings assigned to the series 14063 ROCs
and ROLs are based on the rating that Fitch has assigned to the New York City
Municipal Water Finance Authority Water and Sewer System Second General
Resolution Revenue Bonds, Fiscal 2013 Series EE (rated 'AA+', Stable Outlook)
that have been deposited in the series 14063 trust.

The long-term 'AA', Stable Outlook ratings assigned to the series 14064 ROCs
and ROLs are based on the rating that Fitch has assigned to the Riverside
County Transportation Commission Riverside County Transportation Commission
Sales Tax Revenue Bonds (Limited Tax Bonds) 2013 Series A (rated 'AA', Stable
Outlook) that have been deposited in the series 14064 trust.

The long-term 'AA+', Stable Outlook ratings assigned to the series 14065 ROCs
and ROLs are based on the rating that Fitch has assigned to the Wisconsin
Health and Educational Facilities Authority Revenue Bonds (Ascension Health
Alliance Senior Credit Group) Series 2012D (rated 'AA+', Stable Outlook) that
have been deposited in the series 14065 trust.

The 'F1', short-term rating assigned to the ROCs is based on the liquidity
facilities provided by Citibank, N.A. (rated 'A/F1', Stable Outlook) in the
form of three separate shortfall liquidity swap agreements. The short-term
rating assigned to the ROCs will expire on June 15, 2014, the expiration date
of the liquidity facilities, 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 bonds deposited in the
trusts. The long-term ratings assigned to the ROCs and ROLs are exclusively
tied to the creditworthiness of the underlying bonds deposited in the trusts
and will reflect all changes to that rating.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Criteria', Feb. 27, 2013;

--'Guidelines for Rating Tender Option Bonds', May 9, 2013.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701570

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=795681

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
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DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
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PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
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
Linda Friedman
Senior Director
+1-212-908-0727
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: sandro.scenga@fitchratings.com
 
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