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Bulletin: CIT Group Inc. Ratings Unaffected By Announced Recapitalization Plan Jul 09
Standard & Poors, July 2009
Abstract
NEW YORK (Standard & Poor's) July 22, 2009--Standard & Poor's Ratings Services said today that its ratings on CIT Group Inc. (CIT; CC/Negative/C) are not immediately affected by the company's announcement that it had initiated a recapitalization plan and entered into a $3 billion loan facility provided by a group of major bondholders. The current rating level continues to reflect a significantly heightened risk of bankruptcy. The ratings remain on CreditWatch Negative, where they were placed on June 12, 2009. As the first step in a planned restructuring of its liabilities, CIT commenced a cash tender offer for its outstanding floating-rate senior notes due Aug. 17, 2009. The price offered is less than face value, and the company has indicated...
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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