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BULLETIN: SEC Approves IPO for CIT Group Inc. Jun 02
Standard & Poors, June 2002
Abstract
Standard & Poor's ratings on CIT Group Inc. (BBB+/Watch Dev/A-2) and its subsidiaries remain on CreditWatch with developing implications following the news that parent company Tyco International Ltd. (Tyco, BBB-/Watch Neg/A-3) received SEC approval to move forward with an IPO for CIT. CIT amended its S-1 registration statement and refiled its 10Q for the quarter ended March 31, 2002, incorporating a $4.51 billion impairment of goodwill in accordance with SFAS 142 following discussions with the SEC. Following a complete separation from Tyco through the successful execution of the IPO within about a month, in addition to maintenance of financial strength, profitability, and asset quality measures at current levels, CIT's ratings will likely go to 'A/A-1'. If, however, CIT is sold...
Companies mentioned in this report are: CIT Group Inc.,Tyco International Ltd.
Action: S&P Event
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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