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Bulletin: CIT Group Inc. Ratings And Outlook Unaffected By Reported Net Loss Oct 08
Standard & Poors, Oct 2008
Abstract
NEW YORK (Standard & Poor's) Oct. 16, 2008--Standard & Poor's Ratings Services said today that the $317 million consolidated third-quarter net loss reported today by CIT Group Inc. (A-/Negative/A-2) will not affect the current ratings and outlook on the company. Nevertheless, we continue, as we have previously noted, to be concerned about CIT's market-based funding model and its prospective asset quality and profitability. We are also assessing if and how the newly announced government rescue plan may support CIT; this could offset our concerns somewhat. Specifically, during its third-quarter conference call, management stated that CIT is exploring expanding its depository capabilities beyond its existing Utah-based industrial loan company (ILC), which we believe could result in the company moving toward a...
Companies mentioned in this report are: CIT 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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