Bangladesh Foreign Minister Meets US National Security Adviser
Siddique Islam - All Headline News Foreign Correspondent Dhaka, Bangladesh (AHN) - Moody's Investors Service, the leading provider of independent credit ratings, has upgraded the ratings of Citibank N.A. to AAA for long-term deposits and to A for financial strength (both ratings are at the top of their respective scales). The outlook of the upgraded bank and on Citigroup Inc is stable. This action completes a review initiated on June 8, 2006 by Moody's, a press statement says in Dhaka on Thursday. "Citigroup's businesses are exceptionally diversified by customer, product and geography, and the firm also has the most global distribution platform of any major bank," says Moody's Senior Vice President Peter Nerby. Nerby also says Citigroup has a well-recognized brand, and management has built leading global franchises in credit cards, consumer finance, international consumer banking, wealth management and wholesale banking. These businesses have produced strong and consistent earnings even during difficult economic or market conditions. As a result, Citigroup produces good risk-adjusted profitability compared to most AAA-rated banks. Citigroup's financial fundamentals also compare well to A/AAA-rated industrials in the areas of earnings power, profit margins, and capital strength. Moody's considers Citigroup's risk management culture and capabilities to be strengths of the firm.
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