NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to Citigroup Global Markets, Inc. Reset Option Certificates II-R (ROCs) and Reset Option Longs II-R (ROLs) listed below:
--Series 14037 ROCs -- 'AA-/F1', Stable Outlook; Series 14037 ROLs -- 'AA-', Stable Outlook.
The long-term 'AA-', Stable Outlook ratings assigned to the series 14037 ROCs and ROLs are based on the rating that Fitch has assigned to Metropolitan Transportation Authority Dedicated Tax Fund Refunding Bonds, Series 2012A (rated 'AA-', Stable Outlook) that have been deposited in the series 14037 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 Sept. 15, 2013, the expiration date of the liquidity facility, unless each 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
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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 PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Fitch Ratings
Primary Analyst:
Richard Park
Associate Director
+1-212- 908-0289
Fitch, 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
Elizabeth Fogerty
+1-212-908-0526
elizabeth.fogerty@fitchratings.com
Source: Fitch Ratings