Fitch lifts CIT Group view to positive

Fitch Ratings said it affirmed the BB+ long-term issuer default ratings and B short-term issuer default ratings for CIT Group Inc. and CIT Bank, NA.

The outlook was revised to positive from stable.

The ratings reflect the company's strong franchise position in middle market lending, equipment and real estate finance, rail leasing and factoring, Fitch said.

The ratings also consider CIT's improving earnings, strong capital levels and solid execution on selling non-core assets and reducing wholesale funding reliance, the agency said.

The positive outlook reflects a view that CIT has made notable progress against its objective of refocusing on national commercial lending and transitioning its funding profile to be more bank-like, Fitch said.

The ratings are constrained by the company's higher risk appetite and limited company profile relative to higher-rated institutions, the agency said.

© 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.