S&P affirms CIT

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

At the same time, the agency said it lowered the ratings on $1.75 billion of CIT's hybrid capital securities to BBB-, three notches below the counterparty credit rating, reflecting a reassessment of the application of S&P's hybrid capital issue notching criteria.

The outlook remains negative.

S&P said that the affirmation follows the company's announcement that it has agreed to sell its home lending portfolio and associated servicing operation as well as its manufactured housing portfolio for $1.8 billion in cash proceeds in two separate transactions.

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