Fitch Downgrades Citibank ABCP Programs to 'F1sf'

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NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has downgraded the ratings assigned to CAFCO, LLC; CIESCO, LLC; CRC Funding, LLC; and Govco, LLC to 'F1sf' from 'F1+sf'.

This action follows Fitch's Dec. 15th downgrade of the short-term rating assigned to Citibank, N.A., which provides liquidity support to each of the asset-backed commercial paper programs.

Additional information regarding Fitch's recent rating actions on Citibank, N.A. is available at 'www.fitchratings.com'.

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:

--'Global Rating Criteria for Asset-Backed Commercial Paper', dated Nov. 10, 2011;

--'Global Structured Finance Rating Criteria', dated Aug. 4, 2011;

--'Counterparty Criteria for Structured Finance Transactions', dated March 14, 2011.

Applicable Criteria and Related Research:

Global Rating Criteria for Asset-Backed Commercial Paper

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=655450

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=605425

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Fitch RatingsPrimary AnalystKevin Corrigan, +1-212-908-9156DirectorFitch, Inc.One State Street PlazaNew York, NY 10004orCommittee ChairpersonMichael Dean, +1-212-908-0556Managing DirectororMedia Relations:Sandro Scenga, +1-212-908-0278Email: [email protected]

Source: Fitch Ratings

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