DBRS Downgrades CIT Group Inc. to D Following Announcement of Pre-Packaged Bankruptcy Filing

DBRS has today downgraded all ratings of CIT Group Inc. (CIT or the Company) and its subsidiary, CIT Group Funding Company of Delaware, to D. Today’s downgrade follows the CIT’s announcement that its Board of Directors had approved proceeding with the Company’s pre-packaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code. DBRS will reassign ratings to CIT upon the Company successfully emerging from bankruptcy.

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.