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Bulletin: CIT Group Inc. Rating Unaffected By Announced Fourth-Quarter Results Jan 08
Standard & Poors, Jan 2008
Abstract
NEW YORK (Standard & Poor's) Jan. 11, 2008-Standard & Poor's Ratings Services said today that CIT Group Inc.'s (A/Stable/A-1) announcement regarding actions it took during fourth-quarter 2007 will have no impact on the ratings or outlook on CIT. CIT announced that it anticipates a net loss of $125 million-$135 million in the fourth quarter, driven primarily by increased reserves on its held-for-investment home lending portfolio and a write-off of the goodwill and other intangibles associated with its student lending business. These noncash charges were offset by cash gains on CIT's sale of its interest in a joint venture with Dell Inc. and its U.S. Systems Leasing business. We view CIT's anticipated loss in the fourth quarter as ratings neutral, given...
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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