Fitch Rates Citigroup ROCs and ROLs Series 14079

NEW YORK--(BUSINESS WIRE)--

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

--Series 14079 ROCs - 'AA+/F1', Stable Outlook; Series 14079 ROLs - 'AA+', Stable Outlook.

KEY RATING DRIVERS

The long-term 'AA+', Stable Outlook ratings assigned to the series 14079 ROCs and ROLs are based on the rating that Fitch has assigned to San Bernardino County Transportation Authority Sales Tax Revenue Bonds (Limited Tax Bonds) 2014 Series A (rated 'AA+', Stable Outlook) that have been deposited in the series 14079 trust.

The 'F1', short-term rating assigned to the ROCs is based on the liquidity facility provided by Citibank, N.A. (rated 'A/F1', Stable Outlook) in the form of a shortfall liquidity swap agreement. The short-term rating assigned to the ROCs will expire on Oct. 15, 2014, the expiration date of the liquidity facility, unless such date is extended or earlier terminated.

RATING SENSITIVITIES

The short-term rating assigned to the ROCs reflects the short-term rating that Fitch maintains on the bank providing liquidity support and will be adjusted upward or downward in conjunction with the short-term rating of the bank, and, in some cases, the long-term rating of the underlying bonds deposited in the trusts. The long-term ratings assigned to the ROCs and ROLs are exclusively tied to the creditworthiness of the underlying bonds deposited in the trusts and will reflect all changes to that rating.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'U.S. Municipal Structured Finance Criteria', Feb. 24, 2014;

--'Guidelines for Rating Tender Option Bonds', May 9, 2013.

Applicable Criteria and Related Research:

U.S. Municipal Structured Finance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=736618

Guidelines for Rating Tender Option Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707849

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=827189

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