|
|
 |
|
Viewing report
|
|
|
|
Bulletin: CIT Group Inc. Ratings Not Affected By Decision To Fully Draw Upon Unsecured Bank Lines Mar 08
Standard & Poors, March 2008
Abstract
NEW YORK (Standard & Poor's) March 20, 2008--Standard & Poor's Ratings Services said today that CIT Group Inc.'s (CIT) decision to fully draw upon its $7.3 billion unsecured U.S. bank lines will not affect the current rating or outlook on the company. On March 17, 2008, we lowered the counterparty credit ratings on CIT one notch to 'A-/A-2' and assigned a negative outlook. Credit line proceeds will be used, in the near-term, to repay commercial paper ($2.8 billion outstanding at year-end 2007) and to build cash balances. CIT has a number of options to fund its ongoing operations and repay maturing unsecured obligations as they come due. These include the renewal and establishment of asset-backed securities facilities, asset sales, and...
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.
|
|
|
|
