February 22, 2013 / 7:31 PM / 5 years ago

TEXT - Fitch rates Citigroup Global Markets Limited

Feb 22 - Fitch Ratings has assigned Issuer Default Ratings (IDRs) of 'A/F1'
to Citigroup Global Markets Limited (CGML), a wholly-owned subsidiary of
Citigroup Inc. (Citi). A complete list of CGML's ratings follows this release.
The Rating Outlook for CGML is Stable, in line with the Outlook for Citi. 


The IDRs for CGML and Citi are equalized, which reflects Fitch's view that CGML 
is core and integral to Citi's business strategy and operations. Fitch believes 
Citi would fully support CGML in the event of need.

CGML is Citi's international broker-dealer, based in London, and a critical part
of Citi's global operations. CGML's activities cover the broad spectrum of 
investment banking and capital market activities including advisory and 
underwriting; market making in equities, fixed income, and commodities; 
investment management; and investing/lending activities. 

Fitch believes there is a high level of management/operational integration 
between CGML and other core Citi operations. CGML maintains comfortable 
liquidity and capitalization, which are augmented by the capacity to tap 
liquidity and additional capital from Citi in the event of need.


Given Fitch's view that CGML is a core subsidiary of Citi, CGML's IDRs would 
change in conjunction with any changes to Citi's IDRs. In the unlikely event 
that Fitch no longer considers CGML to be a core part of Citi's operations, 
CGML's IDRs could be negatively affected. 

Citi's IDRs were affirmed on Oct. 10, 2012 with a Stable Outlook as part of 
Fitch's Global Trading and Universal Bank (GTUB) periodic review. The standalone
Viability Rating continues to be supported by Citi's diverse revenue mix, 
conservative liquidity management, and improved capital position. Challenges 
include a still sizeable level of nonperforming loans and noncore assets, as 
well as modest levels of profitability. 

Citi's Long-term IDR, and consequently CGML's Long-term IDR, would be affected 
by a change in the Support Rating Floor. Citi's current 'A' Long-term IDR is 
above its standalone Viability Rating of 'a-', reflecting the fact that Citi's 
IDR benefits from support. The '1' Support Rating, and 'A' Support Rating Floor 
for Citi factors in government support in the event of need for Citi and other 
U.S. G-SIFIs. The ratings for CGML presume that any support that would be 
offered to Citi would also be extended to CGML. 

Citi's and CGML's ratings could be negatively pressured if Fitch's view of its 
support changes. For additional details, see 'Fitch Affirms Citigroup Inc's 
Ratings; Outlook Stable' dated Oct. 10, 2012, and available at 

RATING DRIVERS AND SENSITIVITIES - Subsidiary and Affiliated Company Rating

The review of CGML factors in a high probability of support from its parent, 
Citi. It considers the high level of integration, brand, management, and 
financial and reputational incentives to avoid subsidiary defaults. 

Fitch assigns the following ratings with a Stable Outlook:

Citigroup Global Markets Limited
--Long-term IDR 'A';
--Short-term IDR 'F1';
--Senior unsecured long-term notes 'A';
--Short-term debt at 'F1'.
0 : 0
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