TEXT-Fitch Rates Citi's CHARTA ABS commercial paper 'F1sf'

Feb 22 - Fitch Ratings has assigned an 'F1sf' rating to the asset
backed commercial paper (ABCP) issued by CHARTA, LLC (CHARTA), a partially
supported multi-seller ABCP conduit sponsored by Citibank, N.A. (Citibank) (IDR
rated 'A/F1' by Fitch).

The rating is based on the credit quality of the assets purchased by CHARTA, the
credit and liquidity support provided by Citibank, the managerial capabilities
of Citibank, and the program's legal structure.

CHARTA is a multiseller, ABCP conduit program established in September 1997 by
Citibank. The conduit is structured as a special purpose, bankruptcy-remote,
Delaware limited liability corporation. Its sole purpose is to issue 4(2) ABCP
and use the proceeds to purchase and finance securitized receivables pools,
loans, future revenue transactions and other financial assets. CHARTA issues CP
with a maximum tenor of 397 days.

Citibank serves as the administrative agent and IPA and is responsible for
managing the day-to-day operations of the conduit. Citibank's responsibilities
include negotiating and structuring all asset purchases, monitoring asset
performance, arranging for the issuance and payment of CP, arranging
transaction-specific credit and liquidity facilities, entering into hedge
agreements, and making funding requests under the applicable liquidity and
credit agreements, if necessary. Citibank is currently CHARTA's sole liquidity
and PWCE provider. Additional liquidity coverage may be provided by other
diversified sources.

As a bankruptcy-remote entity, CHARTA may not incur any indebtedness other than
the issuance of ABCP, requisite hedging obligations, draws pursuant to the
liquidity agreements, the irrevocable LOC, borrowings under the Swingline and
Liquidity Agreements and other incidental amounts permitted under the
organizational documents. All parties contracting with CHARTA have agreed not to
file or join in filing bankruptcy proceedings against CHARTA until one year and
one day after all outstanding CP is paid in full.

Citibank will provide Fitch with monthly reporting on the conduit. Fitch
monitors the conduit regularly and as warranted by events.

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:
--'Global Rating Criteria for Asset-Backed Commercial Paper' (Nov. 10, 2011);
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);
--'Counterparty Criteria for Structured Finance Transactions' (March 14, 2011.

Applicable Criteria and Related Research:
Global Rating Criteria for Asset-Backed Commercial Paper
Global Structured Finance Rating Criteria
Counterparty Criteria for Structured Finance Transactions