Fitch affirms Citigroup

Fitch Ratings said it affirmed the AA+/F1+ long- and short-term debt ratings of Citigroup Inc. following the announced plan to merge Citicorp and Citigroup Holdings Inc. with and into Citigroup.

Fitch said it anticipates assigning the same debt ratings to issues of Citigroup Funding Inc., a newly formulated legal entity.

The merger simplifies the holding company structure, creates a single brand for debt issuance and eliminates any potential price inefficiencies between offerings. Citigroup Funding will issue short- and intermediate-term debt beginning in the second quarter of 2005. All new short and long-term debt will be issued by either Citigroup Inc. or Citigroup Funding Inc.

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