Fitch Rates Citigroup ROCs and ROLs, Series 11989 and 11990

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NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns the following ratings to the Reset Option Certificates Trust II-R (ROCs) and Reset Option Longs (ROLs) of the series listed below:

--Series 11989 ROCs 'AA/F1+' (Short-term rating on Rating Watch Negative); Series 11989 ROLS 'AA';

--Series 11990 ROCs 'AA+/F1+' (Short-term rating on Rating Watch Negative); ROLs 'AA+'.

The long-term 'AA' ratings assigned to series 11989 are based on the rating that Fitch has assigned to the City and County of Honolulu, HI wastewater system revenue bonds (First Bond Resolution), Senior Lien Series 2011A, due July 1, 2021 (rated 'AA', Outlook Stable) that have been deposited in the series 11989 trust.

The long-term 'AA+' ratings assigned to series 11990 are based on the rating that Fitch has assigned to The Regents of the University of Colorado, University Enterprise Revenue Bonds, Series 2011A, due June 1, 2036 (rated 'AA+', Stable Outlook.

The short-term 'F1+', Rating Watch Negative assigned to each series is based on the shortfall liquidity swap agreement (liquidity agreement) for each series provided by Citibank, N.A. (currently rated 'A+/F1+', with the long- and short-term ratings on Rating Watch Negative). The short-term ratings will expire on Sept. 15, 2012, the expiration date of the shortfall liquidity agreements, unless such date is extended or earlier terminated.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--Municipal Structured Finance Rating Criteria', dated April 25, 2011;

--'Guidelines for Rating Tender Option Bond Securities', May 25, 2011.

Applicable Criteria and Related Research:

Guidelines for Rating Tender Option Bond Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=632790

U.S. Municipal Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=624129

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