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Bulletin: CIT Group Inc. Rating Unaffected By Payment Deferral Sep 09
Standard & Poors, Sep 2009
Abstract
NEW YORK (Standard & Poor's) Sept. 2, 2009--Standard & Poor's Ratings Services said today that CIT Group Inc.'s (SD/Watch Neg/C) announced deferral of interest payments on its 6.1% hybrids does not affect the ratings on CIT. On Aug. 17, 2009, we lowered our rating on CIT to 'SD' to reflect the completed distressed exchange offer for its $1 billion of senior unsecured notes due Aug 17, 2009. On July 16, 2009, we had lowered the ratings on CIT's hybrids to 'C' because we expected deferral or nonpayment of interest on these securities; hence the issue-level rating for the 6.1% issue remains unchanged at 'C'. All issue-level ratings remain on CreditWatch Negative, and will be resolved in the near term after...
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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