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Citi Not Sweating Downgrade

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.

Citigroup Outlook Negative [PDF]