Citigroup Leads Wall Street in Moody’s Downgrade Dismissal

Citigroup Inc., the lender whose credit rating was cut by Moody’s Investors Service to the lowest since its 1998 creation, led Wall Street banks in dismissing downgrades and urged investors to seek alternative analyses.

Moody’s two-grade cut of Citigroup’s ratings was unwarranted, arbitrary and failed to recognize the lender’s financial strength, the New York-based bank said in a statement. Investors shouldn’t rely on “opaque” credit ratings, it said.