DBRS lowers CIT

DBRS said it downgraded CIT Group Inc.'s issuer and long-term debt ratings to CCC from BB and preferred shares to C from CCC. The short-term rating remains R-5. Ratings remain under review with negative implications, where they were placed on April 24.

The action follows CIT's announcement that additional support from the federal government will not be forthcoming over the near term, according to the agency, which adds significant pressure to CIT's already weakened liquidity position.

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