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BULLETIN: CIT Group Inc. Restatement Will Not Affect Ratings Dec 05
Standard & Poors, Dec 2005
Abstract
NEW YORK (Standard & Poor's) Dec. 13, 2005--Standard & Poor's Ratings Services said today that CIT Group Inc.'s announcement that a restatement of 2005 quarterly results will be made as a result of the erroneous accounting of certain compound derivative transactions will have no ratings impact. Additionally, no ratings impact will result from CIT's concurrent disclosure of its exposure to Calpine Corp. management's assessment of one leveraged lease of approximately $60 million, which may not be fully covered by collateral values and cash flows. This decision is based on materiality and CIT's overall continued strong core financial performance, complemented by a solid balance sheet....
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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