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Friday, December 14, 2007

Moody downgrades Citigroup's Rating

December 14 2007
Moody's lowered Citigroup's rating to "Aa3," saying it doubted that the U.S. bank could rebuild its capital ratios any time soon, and said Citi's failure to restore its capital ratios in the medium term could lead to a further downgrade. Citigroup said it will provide emergency support to seven structured investment vehicles if they can't find buyers for their short-term notes. The move is being seen as a body blow for a rescue fund that several large banks have been working to develop at the urging of the Treasury Department.

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