- Language: English
- Published: August 2013
- Region: Japan
Summary: CIT Group Inc. May 10
- Published: May 2010
- Standard & Poors
CIT Group Inc., a leading provider of financing to middle-market and small business, emerged from prepackaged bankruptcy with a strengthened financial profile. Although these financial benefits factor into Standard & Poor's Ratings Services' assessment of the firm's relative credit quality, the considerable challenges CIT faces in transforming its funding platform into a bank-centric model limit the rating. CIT's reorganization strengthened its financial profile, and these benefits factor positively into our rating. Approximately 30% of the firm's unsecured debt was extinguished in bankruptcy, bolstering capital. (The full benefit to capital will be realized incrementally, as loan and lease discounts established as a result of the application of fresh-start accounting [FSA] accrete during the life of the assets.) Future credit costs will...
Companies mentioned in this report are: CIT Group Inc.
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CIT Group Inc.