DBRS Rates Citigroup’s New Issuances AAA, Based on FDIC Guarantee

DBRS has today assigned its AAA rating to the $3.75 billion 2.875% senior notes due December 2011, the $750 million floating rate senior notes due December 2011 and the $1.25 billion floating rate senior notes due December 2010 (collectively, the Notes) issued by Citigroup Inc. (Citi). The Notes are issued pursuant to the Prospectus, dated March 2, 2006; the Senior Debt Indenture (as amended), dated March 15, 1987; and the issue-specific Prospectus Supplements, dated December 2, 2008 for the notes due December 2011 and December 3, 2008 for the notes due December 2010. 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, such as Citigroup Inc.

The AAA rating reflects DBRS’s opinion as to the guarantor’s ability to honor the guarantee as determined by DBRS’s internal assessment of the sovereign. All other debt ratings, including Citi’s AA (low) Issuer & Senior Debt rating, remain at their current levels. All long-term non-guaranteed ratings for Citi remain Under Review with Developing Implications, where they were placed November 24, 2008.

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

The applicable methodology is Rating Banks and Bank Holding Companies Operating in the United States, which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.