DBRS confirms, revises CIT trend to negative

DBRS said it confirmed the ratings of CIT Group Inc., including its BBB (low) rating, and changed the trend on all ratings to negative from stable.

“The negative trend reflects the wide and growing scale of the economic disruption resulting from the coronavirus disease (Covid-19) pandemic, which is pressuring CIT’s earnings and asset quality and will likely have a greater impact in the coming quarter,” said DBRS in a press release.

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