In Moody's opinion, Citigroup has many different possible paths to executing its divestiture, including the sale of the consumer business or the spin-off of the ICG business into a new entity with a brand new bank license. The ultimate resolution of the review is contingent upon whether Citigroup ultimately retains ownership of Citibanamex as a legal entity and what operations are retained by Citibanamex. Also, Moody's will reassess government support considerations, as well as affiliate support in line with the expected ownership, as it relates to strategic fit, control, and financial links, following the business reorganization.Moody's placed Citibanamex's ratings and assessments on review for downgrade in order to incorporate the uncertainties that will come out of this divestiture and the implications on the bank's standalone credit profile. Moody's will also assess the bank's competitive environment, whether in the ICG segment or consumer segments in Mexico.