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Research Update: CIT Group Inc. Rating Lowered To 'BB-/B' From 'BBB-/A-3'; Placed On CreditWatch Negative Jun 09
Standard & Poors, June 2009
CIT's funding profile has not benefited from converting into a bank holding company (BHC) to the degree we had expected, which has caused further erosion in liquidity available to repay maturing obligations and meet lending commitments. Thus far, CIT has not been granted access to the FDIC's Temporary Liquidity Guarantee Program (TLGP). We are lowering our rating on CIT to 'BB-/B' from 'BBB-/A-3' and placing it on CreditWatch Negative. We believe that CIT's liquidity position prospectively will deteriorate to a level inconsistent with the rating if it is unable to benefit from the TLGP and additional transfers of assets to CIT Bank. If CIT's liquidity position and funding costs benefit materially from current initiatives, we will remove the CreditWatch listing...
Companies mentioned in this report are: CIT Group Inc.,Capita Corporation,CIT Bank Ltd.
Action: On CreditWatch:Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
CIT Group Inc.,Capita Corporation,CIT Bank Ltd.