DBRS Assigns BB Rating to CIT Group Inc.’s Senior Unsecured Notes Due 2023

DBRS, Inc. (DBRS) has today assigned a rating of BB to the new $750 million 5.00% Senior Unsecured Notes Due 2023 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, 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.

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

The applicable methodology is Rating Finance Companies Operating in the United States. Other applicable methodologies include Global Methodology for Rating Banks and Banking Organisations and DBRS Criteria: Intrinsic and Support Assessments. These can be found at:
http://www.dbrs.com/about/methodologies

[Amended on June 27, 2014, to reflect actual methodologies used.]

The sources of information used for this rating include the 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: Alan G. Reid
Initial Rating Date: 17 May 2010
Most Recent Rating Update: 17 December 2012

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