Even a substantial increase in government benefits can't seem to help this NY-based Welfare Queen...

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Citigroup’s Debt Lowered Two Grades to A2 by Moody’s (Update3)
By Josh Fineman


Dec. 18 (Bloomberg) -- Citigroup Inc., the U.S. bank that got $65 billion in government funds to replenish capital after four straight quarterly losses, had its senior debt rating cut two grades by Moody’s, the first downgrade in a year.

The reduction to A2 from Aa3 reflects “weakened earnings prospects, in combination with an average quarterly preferred dividend of approximately $1.4 billion,” Moody’s said today in a statement. Citigroup won’t generate “significant retained earnings” though 2010, Moody’s said.

Citigroup last month received U.S. aid that shields the bank from losses on toxic assets and injects $20 billion of capital. The bank is selling off assets after reporting $67 billion of credit losses and writedowns related to the subprime- mortgage crisis.

“Citi has very strong Tier 1 capital and many sources of liquidity from our unique global franchise,” Citigroup said in a statement. “Any related contractual liquidity requirements resulting from today’s rating actions are covered many times over by our strong current cash box.” .....(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=av3u3ANbl5nY&refer=home

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1. I love the way you've framed it! This is the way we NEED to speak!

Thanks! :applause: