Rochester, NY 7/15/2009 2:23:08 AM
CIT - CIT Issues to Weigh on Bank Sector
CIT Group, Inc., CIT
CIT Group, Inc., CIT
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CIT GROUP announced that it has yet to be approved for the Temporary Liquidity Guarantee Program (TLGP), rekindling investor fears regarding long-term viability of the company, due to lack of availability of diversified funding sources. The announcement increases the risk of eventual bankruptcy, which would have negative implications for CIT's creditors, including large-cap banks, which hold a portion of its secured and unsecured debt. CIT is still engaged in discussions with regulators regarding liquidity improvement measures (including but not limited to TLGP participation), according to media reports.
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