New York,
Fitch Ratings has downgraded the Long-term Issuer Default Ratings (IDR) of CIT Group Inc. (CIT) and subsidiaries to 'BB- ' from 'BB+'. Concurrent with this action, Fitch has upgraded CIT's Support Rating to '3' from '5', reflecting Fitch's view that there is a moderate probability of support from the U.S. government. In addition, Fitch lowered the Individual Rating to 'E' from 'D', which indicates CIT either requires or is likely to require external support. In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's Individual Ratings while the prospect of external support is reflected in Fitch's Support Rating. Collectively these ratings drive Fitch's long- and short-term IDRs. All ratings remain on Rating Watch Negative. A complete list of issuer and issue ratings is included at the end of this release; approximately $35 billion of debt is affected by today's action.
After touching an intraday high of $1.97 in an opening trade, the Stock is currently trading at $1.91 moved up about 9% on over 3 million shares. In the last 52-week, the stock has been trading within a range of $1.65-$13.
About CIT Group Inc.
CIT Group Inc. (CIT) is a bank holding company, which provides commercial financing and leasing products, and management advisory services to clients in a variety of industries. CIT bank is its primary bank subsidiary. It serves clients in a variety of industries, including transportation, aerospace and rail, manufacturing, wholesaling, retailing, healthcare, communications, media and entertainment, and various service-related industries. The Company’s products include asset-based loans, secured lines of credit, leases (operating, finance and leveraged), vendor finance programs, import and export financing, debtor-in-possession/turnaround financing, acquisition and expansion financing, letters of credit/trade acceptances structuring and small business loans. The Company operates through five business segments: Corporate Finance, Transportation Finance, Trade Finance, Vendor Finance and Consumer.
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