DBRS Discontinues Ratings of Citigroup Funding Inc. following Merger into Citigroup Inc.

DBRS, Inc. (DBRS) has today discontinued and withdrawn all ratings of Citigroup Funding Inc. (“CFI”), a wholly-owned direct subsidiary of Citigroup Inc. (“Citigroup”).

Citigroup, which previously guaranteed all of the payment obligations of CFI, will assume all existing outstanding indebtedness of CFI, including commercial paper and medium-term notes.

The Citigroup Funding Inc. entity was merged with and into Citigroup Inc. on December 31, 2012 as part of an ongoing corporate simplification process program to centralize the capital markets activities of Citigroup and its subsidiaries.

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

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organizations. Other applicable methodologies include the DBRS Criteria – Intrinsic and Support Assessments and DBRS Criteria: Rating Bank Subordinated Debt & Hybrid Instruments with Discretionary Payments. These can be found at: http://www.dbrs.com/about/methodologies

[Amended on August 29, 2014 to reflect actual methodologies used.]

The primary sources of information used for this rating include company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: William Schwartz
Approver: Alan G. Reid
Initial Rating Date: 24 July 2001
Most Recent Rating Update: 23 November 2011

For additional information on this rating, please refer to the linking document under Related Research.