Summary: CIT Group Inc. May 10
Standard & Poors, May 2010
Abstract
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.
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
CIT Group Inc.
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