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

DBRS, Inc. (DBRS) has today assigned a final rating of BB (low) to the new $1.5 billion, 5.25% Senior Unsecured Notes Due 2018 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.

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 used include the Global Methodology for Rating Banks and Banking Organisations. Both can be found on the DBRS 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: 9 November 1999
Most Recent Rating Update: 13 February 2012

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