Moody's Lowers Debt Ratings On Citigroup (C) to A2
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Moody's Investors Service lowered the debt ratings of Citigroup Inc. (NYSE: C) senior debt to A2 from Aa3 and the ratings on its lead bank, Citibank N.A. long-term bank deposits to Aa3 from Aa1. The financial strength rating on the bank was lowered three notches to C from B, which translates to a change in the baseline credit assessment to A3 from Aa3.
The outlook on the bank financial strength rating is negative and the rating outlooks on the deposit and debt ratings at both the bank and the holding company are stable.
Moody's said that its downgrade of Citigroup's debt and deposit ratings was moderated by Moody's opinion that Citigroup enjoys a very high probability of systemic support from the U.S. government. The benefits of this systemic support partially offset the deterioration in Citigroup's stand-alone credit quality, which is driven by worsening asset quality and the likelihood that Citigroup could see further decline in its tangible capital base in the next two years.
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