S&P Negative on Citi Brazil

S&P has chopped its outlook on Brazil-based Banco Citibank to negative from stable, citing the erosion in the stand-alone credit profile of parent Citi and, consequently, on the expected level of support to the operations of its Brazilian subsidiary. S&P also affirms the BBB minus long-term global scale counterparty credit rating revises the outlook on the brAAA/brA-1 Brazil national scale counterparty ratings to negative from stable and affirmed them. Citi, which is reorganizing into 2 operating units, posted a Q4 loss of $8.3bn. Net losses for 2008 add up to $18.7bn, the bank says.