S&P affirms CIT, gives convertibles BBB+

Standard & Poor's said it affirmed its A/A-1 counterparty credit rating on CIT Group Inc.

In addition, the agency said it assigned a BBB+ rating to CIT's proposed issuance of $600 million in mandatory convertible bonds.

The outlook is stable.

This affirmation is based on actions the company announced to rebuild tangible capital to at least 8.5% of managed assets by year-end, the continued solid performance in its core commercial lending businesses and asset quality metrics outside of home lending that remain strong by historical standards, the agency noted.

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