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Fitch has downgraded the following ratings:
CIT Group Inc.:
--Long-term IDR to 'D' from 'RD;
--Short-term IDR to 'D' from 'RD'.
Fitch expects to assign Recovery Ratings (RRs) on a debt level basis once additional information is reviewed. While recovery at the subordinated debt and preferred stock levels are expected to be $0 or 'RR6', recovery for senior bondholders could be revised accordingly.
The following ratings remain unchanged:
CIT Group Inc.
--Senior debt of 'C/RR4';
--Subordinated of 'C/RR6';
--Junior subordinated debt of 'C/RR6';
--Senior subordinated debt of 'C/RR6';
--Preferred stock of 'C/RR6'
--Short-term debt of 'C';
--Individual rating of 'F';
--Support rating of '5';
--Support floor of 'NF'.
CIT Bank
--Long-term IDR 'C';
--Long-term deposits 'CCC/RR2';
--Short-term IDR'C';
--Short-term deposits 'C';
--Individual rating 'E';
--Support rating '5';
--Support floor 'NF'.
CIT Funding Group of Canada, Inc.
--Long-term IDR 'C';
--Senior debt 'C/RR4';
--Short-term IDR 'C'.
CIT Group (Australia) Inc.
--Long-term IDR 'C';
--Senior 'C/RR4';
Additional information is available at 'www.fitchratings.com'. The ratings above have been initiated by Fitch as a service to investors. The issuer did not participate in the rating process other than through the medium of its public disclosure.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
SOURCE: Fitch Ratings
Fitch Ratings Brian Bertsch, +1-212-908-0549 (New York) brian.bertsch@fitchratings.com Vincent Arscott, CFA, +1-212-908-0872 (New York) William Artz, +1-312-368-3178 (Chicago)
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