Bulletin: CIT Group Inc. Agreement To Acquire Part Of Barclays Will Not Affect CIT Ratings Oct 06

  • ID: 1952199
  • October 2006
  • Standard & Poors
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  • Barclays Bank PLC
  • CIT Group Inc.
  • MORE

NEW YORK (Standard & Poor's) Oct. 2, 2006--Standard & Poor's Ratings Services said today that CIT Group Inc.'s (A/Positive/A-1) announcement that it has agreed to acquire the U.K. and German vendor finance businesses of Barclays Bank PLC will not have any affect on the ratings or outlook on CIT. This transaction (which is conditional upon clearance from regulatory authorities, and which is expected to close at the end of 2006) is consistent with CIT's strategy of growing its vendor finance business and increasing its presence in key European markets. The businesses to be acquired provide asset finance to customers of industrial equipment and technology manufacturers, and suppliers throughout the U.K. and Germany. The acquired vendor finance businesses' gross assets totaled...

Companies mentioned in this report are:
- CIT Group Inc.
- Barclays Bank PLC

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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- CIT Group Inc.
- Barclays Bank PLC

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