Fitch Rates Citigroup ROCs and ROLs Series 14046

NEW YORK--()--Fitch Ratings assigns the following ratings to the series of Reset Option Certificates II-R (ROCs) and Reset Option Longs II-R (ROLs) listed below:

--Series 14046 ROCs 'AA+/F1'; Negative Outlook;

--Series 14046 ROLs 'AA+'; Negative Outlook.

Sensitivity/Rating Drivers

The long-term 'AA+'; Negative Outlook ratings assigned to the series 14046 ROCs and ROLs are based on the rating that Fitch has assigned to State of Washington Various Purpose General Obligation Refunding Bonds, Series R-2013C (rated 'AA+'; Negative Outlook) that have been deposited in the series 14046 trust.

The 'F1', short-term rating assigned to the ROCs is based on the liquidity facility provided by Citibank, N.A. (rated 'A/F1'; Stable Outlook) in the form of a shortfall liquidity swap agreement. The short-term rating assigned to the ROCs will expire on Dec. 15, 2013, the expiration date of the liquidity facility, unless such date is extended or earlier terminated.

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:

--'U.S. Municipal Structured Finance Criteria', Feb. 28, 2012;

--'Guidelines for Rating Tender Option Bonds', May 10, 2012.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678533

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Contacts

Fitch Ratings
Primary Analyst
Richard Park, +1-212-908-0289
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Trudy Zibit, +1-212-908-0689
Managing Director
or
Committee Chairperson
Joseph Staffa, +1-212-908-0829
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Richard Park, +1-212-908-0289
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Trudy Zibit, +1-212-908-0689
Managing Director
or
Committee Chairperson
Joseph Staffa, +1-212-908-0829
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com