Fitch puts CIT on watch

Fitch Ratings said it placed the issuer default and debt ratings of CIT Group Inc. on Rating Watch negative. The company has a long-term issuer default rating at A, short-term issuer default rating at F1, senior debt rating at A, subordinated/preferred rating at A- and short-term debt rating at F1.

The possible downgrade reflects the significant impact of credit market illiquidity on CIT's funding profile, according to the agency.

Fitch said it believes current market conditions have resulted in CIT's ability to source traditional unsecured funding at economically viable prices has been materially constrained.

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