DBRS Rates CIT’s $500 million Issuance of Senior Notes Due Feb. 2024 at BB (high), Trend Positive

DBRS, Inc. (DBRS) assigned a rating of BB (high) to the $500 million 4.75% Senior Notes due February 2024 (the Senior Notes) issued by CIT Group Inc. (CIT or the Company). The trend on the Senior Notes is Positive. Net proceeds from the issuance of the Senior Notes will be used to retire outstanding indebtedness of the Company.

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

The applicable methodology is the Global Methodology for Banks and Banking Organisations (July 2018), which can be found on our website under Methodologies.

The primary sources of information used for this rating include company documents. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

For more information on this credit or on this industry, visit www.dbrs.com.