DBRS Assigns BB (low) Provisional Rating to CIT Group Inc.’s Senior Unsecured Notes Due 2018

DBRS, Inc. (DBRS) has today assigned a provisional rating of BB (low) to the new Senior Unsecured Notes Due 2018 (the Notes) to be issued by CIT Group Inc. (CIT or the Company). The trend on the rating is Positive. Today’s rating action does not impact the issuer rating of CIT, which remains at BB (low), with a Positive trend.

The Notes are direct obligations of the Company and will rank pari passu with all other unsecured and unsubordinated obligations of CIT Group Inc. The proceeds from this issue will be used for general corporate purposes and the refinancing of the Company’s outstanding 7% Series C Notes maturing in 2015, 2016 and/or 2017.

DBRS’s ratings of the Notes are provisional. Final ratings will be issued upon receipt of final documentation of the Notes.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal applicable methodology is Rating Finance Companies Operating in the United States. Other methodologies applied include the Global Methodology for Rating Banks and Banking Organizations, both of which can be found on our website under Methodologies.

The sources of information used for this rating include company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

Lead Analyst: Steven Picarillo
Approver: Alan G. Reid
Initial Rating Date: May 17, 2010
Most Recent Rating Update: March 12, 2012

For additional information on this rating, please refer to the linking document under Related Research.