DBRS Discontinues C Rating on CIT’s Notes due August 2009, Upon Completion of Tender Offer

DBRS has today discontinued the C rating of CIT Group Inc.’s (CIT or the Company) Floating Rate Senior Notes Due August 2009 (ISIN #US125581CR74) (Notes). DBRS has discontinued the rating following the Company’s announcement that 59.81% of the total Notes outstanding were validly tendered. The amount tendered was in excess of the 58% revised minimum condition set to successfully complete the tender offer. Further, CIT announced that the Company has paid all amounts due on the Notes that matured on August 17, 2009, but were neither tendered in, nor subject to the tender offer in accordance with the terms of those Notes. DBRS views the revised terms of the tender offer as not coercive. The Issuer Rating of CIT remains at CCC, Under Review with Negative Implications, where they were placed on April 24, 2009.

Notes:

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

The applicable methodologies are Rating Banks and Bank Holding Companies Operating in the United States and Enhanced Methodology for Bank Ratings – Intrinsic and Support Assessments which can be found on our website under Methodologies.

This is Corporate (Financial Institutions) rating.