| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for First Citizens BancShares Inc. > News item |
S&P ups CIT, pulls ratings
S&P said it raised its ratings on CIT Group Inc. and CIT Bank NA to BBB+, removed the CreditWatch placements and then withdrew the ratings. The upgrade aligns them with its ratings on First-Citizens Bank & Trust Co., First Citizens BancShares Inc.’s bank subsidiary. First Citizens closed its merger with CIT on Tuesday.
The agency also boosted the senior and subordinated debt of CIT and CIT Bank, which were assumed by First-Citizens Bank & Trust, and the preferred stock of CIT, which was converted into the right to receive preferred stock of First Citizens.
The outlook on CIT and CIT Bank was negative before the merger.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.