S&P: Citigroup Global Markets Funding A+/A-1

S&P said it assigned A+/A-1 issuer credit ratings to Citigroup Global Markets Funding Luxembourg SCA, a wholly owned subsidiary of Citigroup Inc., through its U.K.-based subsidiary, Citigroup Global Markets Ltd. (CGML).

The outlook is stable, reflecting that on other core operating subsidiaries of Citigroup.

Because CGML has provided a guarantee covering all of Citigroup Global Markets Funding’s obligations, current and future, S&P said it views the two entities as having equal creditworthiness, and therefore assigns the same ratings.

Given that the ratings on Citigroup Global Markets Funding are aligned with the a+ supported group credit profile (GCP) and A+ long-term rating on Citigroup's other core operating companies – including the main banking entity, Citibank NA, and U.K.-based broker-dealer, CGML – S&P said it does not assign a stand-alone credit profile to Citigroup Global Markets Funding.

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