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Bulletin: CIT Group Inc. Ratings Not Affected By Announcement Of Committed Financing Facility Jun 08
Standard & Poors, June 2008
Abstract
NEW YORK (Standard & Poor's) June 9, 2008--Standard & Poor's Ratings Services said today that CIT Group Inc.'s (CIT; A-/Negative/A-2) agreement to a $3 billion committed credit facility provided by The Goldman Sachs Group Inc. (AA-/Negative/A-1+) will not affect the current rating and outlook on the company. The funding facility, which has an average life of 15 years, will provide CIT with secured financing in a variety of currencies for its commercial businesses. The facility will provide certainty of funding for a meaningful amount of its anticipated commercial originations at a lower cost than what currently could be garnered in the unsecured debt markets. Despite this, overall cost of funds remains elevated over historical levels, reflecting current credit market conditions....
Companies mentioned in this report are: CIT Group Inc.,The Goldman Sachs Group Inc.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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