DBRS upgrades CIT Group

DBRS said it upgraded the ratings of CIT Group Inc., including its issuer rating to BB from BB (low).

The trend on all long-term ratings, with the exception of the revolving credit facility, is positive.

In addition, DBRS has upgraded the revolver rating of CIT to BBB (low) from BB (high) with a stable trend.

Concurrently, DBRS confirmed the short-term Instruments rating of R-4 with a stable trend.

DBRS said the action reflects its recognition of CIT's progress in strengthening underlying earnings ability underpinned by the company's successfully refinancing or redeeming the $31 billion of legacy high-cost debt.

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