Fitch Rates Citigroup ROCs and ROLs Series 14081 and 14082

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 14081 ROCs 'AAA/F1'; Stable Outlook;

--Series 14081 ROLs 'AAA'; Stable Outlook;

--Series 14082 ROCs 'AAA/F1'; Stable Outlook;

--Series 14082 ROLs 'AAA'; Stable Outlook.

KEY RATING DRIVERS

The Long-term 'AAA'; Stable Outlook ratings assigned to the series 14081 ROCs and ROLs are based on the rating that Fitch has assigned to California Educational Facilities Authority Revenue Bonds (Stanford University) Series U-6 (rated 'AAA'; Stable Outlook by Fitch) that have been deposited in the series 14081 trust.

The Long-term 'AAA'; Stable Outlook ratings assigned to the series 14082 ROCs and ROLs are based on the rating that Fitch has assigned to New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds, Fiscal 2013 Series I (rated 'AAA'; Stable Outlook) that have been deposited in the series 14082 trust.

The 'F1', Short-term ratings assigned to the ROCs is based on the liquidity facilities provided by Citibank, N.A. (rated 'A/F1'; Stable Outlook) in the form of two separate shortfall liquidity swap agreements. The short-term rating assigned to the series 14081 ROCs will expire on Nov. 7, 2014 and the Short-term rating assigned to the series 14082 will expire on November 15, 2014, the expiration dates of the liquidity facilities, unless such dates are extended or earlier terminated.

RATING SENSITIVITIES

The Short-term ratings assigned to the ROCs reflects the short-term rating that Fitch maintains on the bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term rating of the underlying bonds deposited in the trusts. The long-term ratings assigned to the ROCs and ROLs are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to that rating.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Criteria' (Feb. 24, 2014);

--'Guidelines for Rating Tender Option Bonds'(May 9, 2013).

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=736618

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=830169

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Trudy Zibit
Managing Director
+1-212-908-0689
or
Committee Chairperson
Mario Civico
Senior Director
+1-212-908-0796
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Richard Park
Director
+1-212-908-0289
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Trudy Zibit
Managing Director
+1-212-908-0689
or
Committee Chairperson
Mario Civico
Senior Director
+1-212-908-0796
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com