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Summary: CIT Group, Inc. (The) Apr 01
Standard & Poors, April 2001
Maintenance of CIT's ratings assume that the company will continue to operate its business, maintain its conservative credit policies, and fund itself on a stand-alone basis. In addition, maintenance of the appropriate firewalls limiting the upstreaming of dividends to the parent is also factored into the rating. Maintenance of the rating is also predicated on CIT still meeting its financial targets. The company is expected to increase capital to 8.5% tangible equity to managed assets and achieve an average return on average earning (on-balance-sheet) assets of 1.70% (before the deduction of goodwill) or better. The acquisition would also enable CIT to benefit from Tyco's accessibility to the equity capital markets in that Tyco is prepared to provide explicit support through...
Companies mentioned in this report are: CIT Group Inc.
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CIT Group Inc.