S&P affirms Citigroup

Standard & Poor's said it affirmed its AA-/A-1+ credit rating on Citigroup Inc. and its ratings on Citigroup's units.

At the same time, S&P said it removed all these ratings from CreditWatch, where they were placed on April 15, with negative implications.

The outlook is negative.

According to S&P, despite the challenges facing Citigroup over the next two years because of deteriorating consumer credit, its fundamental earnings power is unimpaired.

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