Bulletin: CIT Group Inc. Agreement To Acquire Part Of Barclays Will Not Affect CIT Ratings Oct 06
- ID: 1952199
- October 2006
- Standard & Poors
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
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Research type: News
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