DBRS rates CIT B, loan BB, notes BB, B

DBRS said it in a corrected release to fix a debt rating that it has assigned various ratings, including an issuer rating of B (high) to CIT Group Inc.

Concurrently, DBRS said it has assigned a BB (high) rating to CIT"s first-lien secured credit facility, a BB (low) rating to the second-lien series B notes, a B (high) rating to the series A notes, a B rating to the unsecured long-term debt and a short-term rating of R-4.

The trend on all long-term ratings is positive.

The issuer rating considers CIT's solid and well-diversified core commercial lending franchise, the strengthened balance sheet, and CIT's near-term liquidity position, the agency said.

However, offsetting these positives are the significant challenges the company faces, including further diversifying and improving the funding profile, restoring underlying profitability, and improving the core franchise while reducing balance sheet size, DBRS said.

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