DBRS Assigns BB (low) Rating to CIT Group Inc.’s Senior Unsecured Notes Due 2017 and 2022

DBRS, Inc. (DBRS) has today assigned a rating of BB (low) to the new $1.75 billion 4.25% Senior Unsecured Notes Due 2017 and the $1.25 billion 5.00% Senior Unsecured Notes Due 2022 issued by CIT Group Inc. (CIT or the Company). The trend on the ratings 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 due in 2016 and/or 2017.

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

The principal applicable methodology is the 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.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: David Laterza
Approver: Roger Lister
Initial Rating Date: May 17, 2010
Most Recent Rating Update: February 13, 2012

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