DBRS Changes and Discontinues Various CitiFinancial Credit Company and Associates Ratings

DBRS, Inc. (DBRS) has today discontinued the Short-Term Instruments, and Subordinated Debt ratings of Associates First Capital Corporation (AFCC) as AFCC is no longer issuing new obligations. At the same time, DBRS discontinued all ratings of Associates Corporation of North America, which was previously merged into AFCC.

DBRS continues to rate the outstanding long-term debt of CitiFinancial Credit Company and Associates First Capital Corporation. These obligations have a full and unconditional guarantee from Citigroup, Inc. The issuer ratings of these entities are no longer applicable given their non-issuing status.

DBRS notes that there is one outstanding obligation issued by AFCC. This issuance matures in 2018 and was issued in 1998. There are two outstanding obligations at CFC, maturing in 2015 and 2025, respectively, and both were issued in 1995.

Citigroup Inc., including its Issuer & Senior Debt rating of A (low) with Stable Trend, is unaffected by today’s action.

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

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other applicable methodologies include the DBRS Criteria: Support Assessment for Banks and Banking Organisations and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities. These can be found on the DBRS website under Methodologies.

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
Rating Committee Chair: Roger Lister
Initial Rating Date: 24 July 2001
Most Recent Rating Update: 10 December 2013

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