S&P revised its outlook on Citi to negative from stable today, but we’re told that no one is losing sleep over it at the bank and this is pretty much a non-event. They all can go back to their blog writing and uber-derivatives-creating safely.
S&P’s rationale is that if Financial Armageddon 2.0 were to come, they’re not too sure about “the U.S. government’s willingness to provide additional extraordinary support to highly systemically important financial institutions.”
We are uncertain whether Citi will be able to show sufficient additional improvement in its operating performance and profitability over the next two years to benefit its stand-alone credit profile and narrow the current gap between the counterparty credit rating–which incorporates our assessment of potential extraordinary government support–and its stand-alone creditworthiness.
all we really want to know is when they are going to bring back the taco bar in the cafetetia
Translation- Citi you suck shit. You havnt moved an inch in the past year to show you have any clue. Even the govt with its determination to own banks. Looks at Citi as a dried out turd on a city street. We wouldn’t trust Viki with a lemonade stand.
If doody was a rating you would be two turds shy of Taco Bell bathroom in Mexico City.
-S&P translator
@2 FTW!!!
No Zen Garden for Vick!
“but we’re told that no one is losing sleep over it at the bank and this is pretty much a non-event.”
Yael, I’m shocked Citi’s IR group doesn’t think this is a big deal.
This will lock itself as a sad moment in our country’s long cherished and celebrated history. Banks like Citi have truly been the face of US prosperity and growth and a watchlisting of their credit outlook is definitely like a dent induced by a truck hitting an Aston Martin from behind.
Tonight the people shall shed a tear or few in gloom – tonight some of us shall lose our sleep – tonight will be a heavy night for some of those brave hearts that had grown braver through economic boom.
Let economic prosperity prevail once again – let us all pray NOT in wain.
Amen ….
This will lock itself as a sad moment in our country’s long cherished and celebrated history. Banks like Citi have truly been the face of US prosperity and growth and a watchlisting of their credit outlook is definitely like a dent induced by a truck hitting an Aston Martin from behind.
Tonight the people shall shed a tear or few in gloom – tonight some of us shall lose our sleep – tonight will be a heavy night for some of those brave hearts that had grown braver through economic boom.
Let economic prosperity prevail once again – let us all pray NOT in wain.
Amen ….
take a valium 5, it’s all gooooood
-vik
What’s a bank?
Vik