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Bulletin: CIT Group Inc. Rating Unaffected By Proposed Debt Exchange Offer Oct 09
Standard & Poors, Oct 2009
Abstract
NEW YORK (Standard & Poor's) Oct. 2, 2009--Standard & Poor's Ratings Services said today that its ratings on CIT Group Inc. (SD/--/C) will not be affected by CIT's proposed debt exchange offer. CIT is proposing a broad-based exchange of virtually all of its outstanding unsecured debt obligations, which per our ratings criteria is considered a selective default. Concurrently, it also offered a prepackaged bankruptcy proposal to investors; we view this as a likely outcome if the exchange is unsuccessful. We continue to rate CIT's unsecured obligations 'CC', and they remain on CreditWatch Negative, where they were placed on June 12, 2009. If the exchange offer is successful, we will lower the rating on the affected issues to 'D' from 'CC'...
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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