Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 723

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 4
Chunk 723
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 and debt securities; and wholesale borrowings, as needed, and as described under “Liquidity Risk Management and Governance.” The primary uses of bank liquidity include withdrawals and maturities of deposits; payment of interest on deposits; funding of loans and related commitments; and funding of securities purchases. To the extent that CBNA relies on wholesale borrowings, uses also include payments of related principal and interest. For further information on CBNA’s outstanding debt see Note 13.

During the year ended December 31, 2024, CBNA completed the following transactions: 

•Issued $2.7 billion of secured borrowings collateralized by loans;

•Redeemed $650 million of 4.119% fixed-to-floating rate senior notes due 2025; and

•Redeemed $600 million of 6.064% fixed-to-floating rate senior notes due 2025.

Liquidity Risk 

Liquidity risk is the risk arising from the inability to meet our obligations when they come due. We must maintain adequate funding to meet current and future obligations, including customer loan requests, deposit maturities and withdrawals, debt service, leases, and other cash commitments, under both normal operating conditions and periods of company-specific and/or market stress.

We rely on customer deposits to be our primary stable and low-cost source of funding. Our funding sources also include our ability to securitize loans in secondary markets, raise funds in the debt and equity capital markets, pledge loans and/or securities for borrowing from the FHLB, pledge securities as collateral for borrowing under repurchase agreements, and sell AFS securities.

Citizens Financial Group, Inc. | 60

Credit ratings assigned by agencies such as Moody’s, Standard and Poor’s, and Fitch impact our access to unsecured wholesale market funds and to large uninsured customer deposits and are presented in the table below.

Table 25: Credit Ratings December 31, 2024 Moody’s  Standard andPoor’sFitch  Citizens Financial Group, Inc.:   Long-term issuerBaa1BBB+BBB+Short-term issuerNRA-2F1Subordinated debtBaa1BBBBBBPreferred StockBaa3BB+BBCitizens Bank, National Association:Long-term issuerA3A-BBB+Short-term issuer(P) P-2A-2F1Long-term depositsA1NRA-Short-term depositsP-1NRF1NR = Not Rated

We currently have a