NEW YORK (TheStreet) -- Shares of Citigroup Inc. (C) - Get Report are up by 0.04% to $53.71 in mid-afternoon trading on Tuesday. The financial services institution said it's planning to exit its custodial business in Argentina as soon as it's able to, after a U.S. judge refused to remove an injunction blocking Citigroup from processing interest payments on $2.3 billion in Argentinian bonds, Reuters reports.

On March 12 U.S. District Judge Thomas Griesa's order allowed the injunction to stand and Argentina renewed its threats to remove its banking license and issue criminal, civil, and administrative sanctions.

Citigroup hasn't made any decision on how it will exit the custody business, Reuters noted, adding that it's possible the company may sell portions of the business or cease some customer relationships.

The bank will also continue to try and overturn the judge's order.

In 2001 Argentina defaulted on close to $100 billion of bonds and has since been trying to return to global debt markets, Citigroup's decision to end its custodial business could further complicate the South American country's efforts, Reuters added.

Separately, TheStreet Ratings team rates CITIGROUP INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CITIGROUP INC (C) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• Net operating cash flow has significantly increased by 1537.12% to $27,291.00 million when compared to the same quarter last year. In addition, CITIGROUP INC has also vastly surpassed the industry average cash flow growth rate of 296.61%.
• C, with its decline in revenue, slightly underperformed the industry average of 2.3%. Since the same quarter one year prior, revenues slightly dropped by 2.5%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
• The company's current return on equity has slightly decreased from the same quarter one year prior. This implies a minor weakness in the organization. Compared to other companies in the Commercial Banks industry and the overall market on the basis of return on equity, CITIGROUP INC underperformed against that of the industry average and is significantly less than that of the S&P 500.
• The gross profit margin for CITIGROUP INC is rather low; currently it is at 22.63%. It has decreased from the same quarter the previous year. Along with this, the net profit margin of 1.66% trails that of the industry average.
• You can view the full analysis from the report here: C Ratings Report