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CIT Group Inc. Downgraded To 'CC' From 'CCC+'; Still On CreditWatch Negative Jul 09 Product Image

CIT Group Inc. Downgraded To 'CC' From 'CCC+'; Still On CreditWatch Negative Jul 09

  • Published: July 2009
  • Standard & Poors

Abstract
The U.S. government has advised CIT that there is no appreciable likelihood of additional government support. We are lowering our ratings on CIT. We believe CIT may declare bankruptcy in the near term or take other actions detrimental to debt holders. NEW YORK (Standard & Poor's) July 16, 2009--Standard & Poor's Ratings Services said today that it downgraded CIT Group Inc., including lowering its long-term counterparty credit rating to 'CC' from 'CCC+'. The ratings remain on CreditWatch Negative, where they were placed June 12, 2009. "The downgrade reflects our belief that there is an increased risk that CIT may declare bankruptcy in the near term or take other actions that will be detrimental to debt holders," said Standard & Poor's...

Companies mentioned in this report are: CIT Group Inc.
Action: Downgraded

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, READ MORE >

CIT Group Inc.

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