DBRS Assigns New Rating of AAA to Citibank, N.A.’s FDIC Guaranteed Issuance of Senior Notes

DBRS has today assigned a new rating of AAA to Citibank, N.A.’s $2.5 billion issuance of senior unsecured notes in two tranches; the $1.75 billion of 1.50% senior notes due July 12, 2011 and the $750 million of Floating Rate senior notes due July 12, 2011 (collectively, the Notes). The AAA ratings are based on the explicit guarantee provided by the Federal Deposit Insurance Corporation (FDIC) Temporary Liquidity Guarantee Program (TLGP), which is backed by the full faith and credit of the United States. Under the TLGP, the FDIC guarantees payment of qualifying debt issued by eligible U.S. bank holding companies and bank subsidiaries, such as Citibank, N.A.

The AAA rating reflects DBRS’s opinion as to the guarantor’s ability to honor the guarantee as determined by internal assessment of the sovereign. All other debt ratings, including Citibank, N.A.’s A (high) Deposits & Senior Debt rating, remain at their current levels. The trend on Citibank, N.A.’s non-guaranteed ratings is Stable.

Note:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodologies are Rating Banks and Bank Holding Companies Operating in the United States and Enhanced Methodology for Bank Ratings – Intrinsic and Support Assessments which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.