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Sept. 21 (Bloomberg) -- Citigroup Inc., the third-largest U.S. lender, had it short-term credit ratings cut by Moody’s Investors Service, which simultaneously affirmed the company’s long-term rating.
The downgrade to Prime 2 from Prime 1 reflects a reduced assumption of U.S. support, Moody’s said in a statement today. The confirmation of New York-based Citigroup’s A3 long-term rating, and the A1 long-term and Prime-1 short-term ratings of Citibank N.A., took into account the probability of decreased U.S. support as well as “an improvement in the bank’s stand- alone credit profile,” Moody’s said. Liquidity has “strengthened significantly in the past two years and is robust.”
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