S&P cuts CIT

Standard & Poor's said it lowered its counterparty credit rating on CIT Group Inc. to A-/A-2 from A/A-1.

At the same time, the agency said it revised the outlook on the long-term rating to negative from stable.

The rating action takes into account the pressure that global capital market dislocation is having on CIT's funding model, the prospect of diminished earnings and continued exposure to underperforming consumer businesses, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.