Fitch drops Citigroup

Fitch Ratings said it has downgraded Citigroup, Inc.'s issuer default rating to A+ from AA- and removed the rating from rating watch negative.

Fitch said it has also affirmed Citi's short-term issuer default rating at F1+.

The outlook is stable.

The agency noted that the downgrade of Citi's long-term issuer default rating recognizes future pressures from an expected U.S. recession and continued economic difficulties globally.

The magnitude of demonstrated U.S. government support is the overarching reason for the stable outlook, the agency added.

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