DBRS Confirms CIT Canada Equipment Receivables Trust, Series 2008-1, Class A-2 Notes at AAA (sf)

DBRS has today confirmed the rating of the Series 2008-1, Class A-2 Notes (the Notes) of CIT Canada Equipment Receivables Trust at AAA (sf).

The economic downturn coupled with the financial difficulties of CIT Group Inc. (the parent company) put pressure on the performance of the underlying assets during the early stages of the transaction. However, after CIT Group Inc. emerged from bankruptcy protection on December 10, 2009, the performance improved significantly. In addition, credit enhancement levels are high and provide sufficient protection to the Notes.

DBRS is committed to confirming the ratings of publicly rated asset-backed securities (ABS) transactions on an annual basis as part of the continuing effort to provide market participants with timely and transparent updates. The ratings of other publicly rated ABS notes will be confirmed throughout the year.

Note:
The applicable methodology is Rating Canadian Equipment Finance Securitization, which is available on our website under Methodologies.