Citi’s energy loans continued to sour in Q3
22% of funded exposures rated CCC or lower as of end-September
More than half of Citi’s loans to energy companies were junk rated as of the third quarter, with over one-fifth rated CCC or below, compared to just 6% at the end of last year.
As of end-September, the bank’s total exposures to energy firms, including oil and gas exploration and production (E&P), refining, and storage and transportation entities, amounted to $56.5 billion. Of this, about 34% were in the form of funded loans, with the remainder composed of unfunded commitments, such as revolving
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