Fitch downgrades CIT

Fitch Ratings said it downgraded the long-term issuer default ratings of CIT Group Inc. to BB- from BB+ and upgraded its support rating to 3 from 5, reflecting a moderate probability of support from the U.S. government.

The agency said it lowered the individual rating to E from D, which indicates that CIT requires or is likely to require external support.

Fitch said the action reflects that, without external support, CIT's franchise value and client confidence could quickly erode and jeopardize its long-term viability.

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